For the first time since 2001, speculators became net short in gold. Previous phases of extreme positioning led to an average price gain for gold of 10.6% over the next three months and 16.2% over the next 12 months.
Source: Coward, B.: „Offsides Positioning in Gold, Bonds and the US Dollar Will Make for an Interesting Fall“, Knowledge Leaders Capital,
21 August 2018, accessed 28 August 2018, https://blog.knowledgeleaderscapital.com, Link to the article
Comment: Long term historical seasonal patterns of gold also support a (short-term) price increase.