Gold Miners ETF (GDX)

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Gold CoT: Peek Into Future Through Futures, How Hedge Funds Are Positioned
By: Hedgopia | October 7, 2023

• Following futures positions of non-commercials are as of October 3, 2023.

Gold: Currently net long 91.2k, down 24.6k.



Non-commercials are reducing their net longs in gold futures as fast as they can, with holdings at a 47-week low.

The metal broke down last week, slicing through $1,920s, which held off gold bears for three months. This week, the yellow metal ticked $1,824 intraday Friday but only to end the session/week at $1,845/ounce. This is a must-hold level for gold bugs, and they will probably succeed in doing that – at least for now.

Bulls’ mettle of course will be tested at $1,920s. The 50- and 200-day respectively are at $1,935 and $1,937, with a death cross occurring on Friday.

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