GOLDBUGS AMEX Goldbugs Index (GOLD)

[DiscoverGold]

Gold CoT: Peek Into Future Through Futures, How Hedge Funds Are Positioned
By: Hedgopia | October 14, 2023

• Following futures positions of non-commercials are as of October 10, 2023.

Gold: Currently net long 71.4k, down 19.8k.



Non-commercials continue to reduce net longs in gold futures, which are now at a 49-week low. The weekend’s geopolitical problems in the Middle East did not seem to affect their willingness to cut down long exposure.

But as the week progressed, investors increasingly were gravitated toward the yellow metal. In fact, gold began with a one-percent gap-up on Monday, culminating in a 3.1-percent jump on Friday to end the week up 5.2 percent to $1,941.50/ounce.

As a result, gold bugs have recaptured $1,920s, which were lost in the week before.

Before this, gold ended last week at $1,845 – a must-hold level for the bulls – having been denied at $2,080s in early May. The metal currently sits right at trendline resistance from that high. A breakout looks imminent.

Read Full Story »»»

DiscoverGold