The COT data is very important for traders to understand. Go to barchartdotcom. In the upper left, click on futures. On the left, click on commitment of traders. In the center right, click on gold. The middle graph shows the positions of the commercials (gold miners, banks, swap dealers = bullion banks), the larger speculators, and the small speculators. The lower graph shows producers, swap dealers, managed money, and others. When you slide the mouse over the futures curve, a popup shows the COT data for that week. The commercials are called the smart money. Try to side with them. They rarely go net long on gold futures. They are either making gold (producers) or are buying gold (banks). When their net futures position is near zero, that is a strong buy. Gold can take weeks to turn up and this may not be the bottom yet. The Blees score is a calculation which you can find on the web. Look at chartwatcher's gold charts from the spring of 2016. I went long on a gold future last night. I was already long on GDX and SIL in my 401k. The last time the commercial shorts were this low was January, 2016.