Gold Miners ETF (GDX)

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Gold CoT: Peek Into Future Through Futures, How Hedge Funds Are Positioned
By: Hedgopia | November 18, 2023

• Following futures positions of non-commercials are as of November 14, 2023.

Gold: Currently net long 155.4k, down 10.8k.



Gold bugs defended the 50-day ($1,941) last Friday as well as in the first two sessions this week, leading to reclaiming of the 200-day ($1,949) by Tuesday. In the right circumstances for the bulls, a golden cross is just a matter of time.

For continued momentum, a break above $2,000 is required. This week, gold rallied 2.4 percent to $1,985/ounce. Before this, for four weeks in a row, the metal rallied past $2,000 intraweek but failed to close above.

Non-commercials are acting as if a breakout is just a matter of time. A break will open the door toward $2,080s where the metal has failed several times – in August 2020 when it reached an all-time high of $2,089, in March last year when it printed $2,079 and in May this year when $2,085 was tagged.

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