https://www.zerohedge.com/news/2018-07-26/gold-bears-press-bets-record-numbers

Thus far we have not been hurt by weaker gold price, because the Canadian dollar has weakened as much or more than gold relative to the US$.

The article above shows the speculative short position .... most of this is based upon technical (trends).  It is interesting that the lower chart in the article shows that recently as the short positions peak the price of gold begins to rally .... what I think is really important is that it doesn't get lower than U.S. $1150 ( It could be $1200, but if it hits $1150 its definite new bear market)  to protect the medium/longer term bull market.  

It is a Lola market (Girls will be boys, and boys will be girls It's a mixed-up, muddled-up, shook-up world) ... IMO anyone who thinks they really know what is going on short to medium term is deluded.

orgy