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Tuesday, January 16, 2024 9:52:38 AM
By: Hedgopia | January 13, 2024
• Following futures positions of non-commercials are as of January 9, 2024.
Gold: Currently net long 188.6k, down 19k.
Gold bugs defended the 50-day ($2,023) this week. This follows rejection late last month at $2,080s. The daily is now in oversold territory, raising the odds the bulls will regroup to launch another attack. This has proven to be an important price point.
In August 2020, the metal posted a new all-time high of $2,089 and retreated. The reversal occurred again in March 2022 when it printed $2,079 and in May last year when $2,085 was tagged.
More recently, on December 4th, no sooner did gold break out of $2,080s than it quickly met with a nasty reversal, rising as high as $2,152 but only to close at $2,042. After that, bulls have gone after that several more times, but to no avail. Chances are they will meet the same fate near term, should they regroup and hammer on that ceiling.
It is looking more and more likely gold ($2,052/ounce) wants to head lower on the weekly.
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