Gold could fall over 5%

As a follow-up to yesterday's note on gold, I would advise that open interest rose 16% in Comex gold futures yesterday, to a level not seen since late 2011. The bearish technical reverse, combined with volume being 55% above 15-day moving average and with increasing open interest all point to a strong likelihood that "control" is shifting from the bullish contingent to the bearish contingent.