Gold Miners ETF (GDX)

[DiscoverGold]

Gold CoT: Peek Into Future Through Futures, How Hedge Funds Are Positioned
By: Hedgopia | December 2, 2023

• Following futures positions of non-commercials are as of November 28, 2023.

Gold: Currently net long 200.1k, up 28.4k.



Gold rallied to both a closing and intraday high. The metal rallied 4.3 percent this week to close at $2,089.70, with an intraday high of $2,095.70. The yellow metal is on the verge of a massive breakout.

Although gold rose to a new record, it remains in the vicinity of a price point that has resisted prior advances. In August 2020, it posted a new all-time high of $2,089 and retreated. The same thing happened in March last year when it printed $2,079 and in May this year when $2,085 was tagged.

Non-commercials, whose holdings of net longs are the highest since April last year, act as if a breakout is just a matter of time, and they are probably right.

Read Full Story »»»

DiscoverGold