An Eye-Opening Report For Contrarians

It comes courtesy of BullionVault.com, and it's written by Adrian Ash. Contrarians should take note of the facts right after the first paragraph:

..."We are on the lookout for signs of basing," says a technical analysis from Barclays Capital.

"While most commodity markets have come under severe pressure over the past week, gold has held its ground impressively.

"Daily momentum oscillators are in oversold territory, while daily sentiment has reached extremes not seen since September 2008."

Only 15% of the non-professional Gold Futures speculators interviewed for the weekly DSI survey are now "bullish gold", says Barclays. Friday's poll of 22 gold-market professionals by Bloomberg News said that 11 expect Gold Prices to fall this week.

There are others in the article itself, most notably a 26-week high in relative bullishness on the part of commerical traders on the futures exchange.