Gold Miners ETF (GDX)

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Gold CoT: Peek Into Future Through Futures, How Hedge Funds Are Positioned
By: Hedgopia | November 4, 2023

• Following futures positions of non-commercials are as of October 31, 2023.

Gold: Currently net long 163.4k, up 14k.



For the third week in a row, gold rallied past $2,000 intraweek, but failed to close above. This week, it opened Monday with a high of $2,018, but finished the week at $1,999. This was preceded by highs of $2,019 and $2,009 in the prior two weeks.

A break above $2,000 would have helped build on the metal’s recent momentum. Before the latest hesitancy around $2,000, gold just about went parabolic after bottoming at $1,824 early last month.

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. For another attack on this roadblock, gold bugs probably need to regroup at a lower price point.

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