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Monday, January 22, 2024 9:03:50 AM
By: Hedgopia | January 20, 2024
• Following futures positions of non-commercials are as of January 16, 2024.
Gold: Currently net long 179.9k, down 8.7k.
Non-commercials are beginning to cut down their net longs in gold futures. They held 207,718 contracts in the week to December 26th. This week, holdings stood at 179,893, which remains sizable.
Earlier, gold rose as high as $2,152 on December 4th but only to close at $2,042; the intraday reversal meant resistance at $2,080s held firm. 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, followed by rejection late last month and early this month.
This week, the metal shed 1.1 percent to $2,029. The weekly has room to continue lower, although gold bugs can take advantage of the daily oversold conditions in the near term.
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