Gold Miners ETF (GDX)

[DiscoverGold]

Gold CoT: Peek Into Future Through Futures, How Hedge Funds Are Positioned
By: Hedgopia | December 16, 2023

• Following futures positions of non-commercials are as of December 12, 2023.

Gold: Currently net long 188.2k, down 15.3k.



Gold bugs rallied the metal 1.1 percent this week to $2,036/ounce but remain on the defensive after last week’s potentially important reversal.

Last week, no sooner did gold break out of $2,080s than it quickly met with a nasty reversal. This level has a lot of memory attached to it. In August 2020, gold 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.

Bulls’ inability to recapture momentum soon will open the door to a test of the 50- and 200-day at $1,985 and $1,965 respectively.

The risk is if non-commercials, who are decently long, decide to cut down their net longs.

Read Full Story »»»

DiscoverGold