Gold Miners ETF (GDX)

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Gold CoT: Peek Into Future Through Futures, How Hedge Funds Are Positioned
By: Hedgopia | January 27, 2024

• Following futures positions of non-commercials are as of January 23, 2024.

Gold: Currently net long 169.5k, down 10.4k.



Gold bugs just cannot get it going. Several attempts this week to recapture the 50-day fell short. Gold, which fell 0.6 percent this week to $2,017/ounce, remains between the average ($2,031) and the 200-day ($1,978).

Non-commercials, in the meantime, reduced net longs in gold futures to a 10-week low. They held 207,718 contracts in the week to December 26th. This week, holdings stood at 169,474, which remains sizable. These traders began to reduce their long exposure after the metal failed to reclaim $2,080s.

Gold rose as high as $2,152 on December 4th but reversed to close at $2,042; resistance at $2,080s held. This has proven to be an important price point. In August 2020, the yellow 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.

If it is any consolation to the bulls, $2,000 is attracting bids, including this week.

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