Gold Miners ETF (GDX)

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Gold CoT: Peek Into Future Through Futures, How Hedge Funds Are Positioned
By: Hedgopia | December 30, 2023

• Following futures positions of non-commercials are as of December 26, 2023.

Gold: Currently net long 207.7k, up 6.4k.



Once again, gold bugs went after $2,080s and once again their effort failed to bear fruits.

Early this month, 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, the metal posted a new all-time high of $2,089 and retreated. This occurred again in March last year when it printed $2,079 and in May this year when $2,085 was tagged.

On Wednesday and Thursday, gold touched $2,096 and $2,098 intraday, but only to finish the week at $2,072, forming a weekly shooting star. For December, a massive monthly spinning top formed.

Despite all these developments, gold remains in the periphery of the said level. Right here and now, the path of least resistance is down on the daily, with the 50-day at $2,014 and decent horizontal support at $2,000.

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