Gold Miners ETF (GDX)

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Gold CoT: Peek Into Future Through Futures, How Hedge Funds Are Positioned
By: Hedgopia | October 28, 2023

• Following futures positions of non-commercials are as of October 24, 2023.

Gold: Currently net long 149.4k, up 36.6k.



Gold tried to build on the recent momentum when it rallied 2.7 percent last week and 5.2 percent the week before, but scraped by a 0.2-percent gain this week to $1,998.50/ounce. In fact, Friday’s intraday high of $2,019 would have easily surpassed last week’s high, closing above the psychologically important $2k, but gold bugs could not quite pull it off.

The daily is now beginning to get stretched. The yellow metal has failed at $2,080s at least twice since August 2020 when it reached an all-time high of $2,089, with a print of $2,079 in March last year and $2,085 in May this year. Looks like the bulls will have to regroup at a lower level so they can launch another attack at that resistance.

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