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Sunday, February 04, 2024 2:13:52 PM
By: Hedgopia | February 3, 2024
• Following futures positions of non-commercials are as of January 30, 2024.
Gold: Currently net long 147.8k, down 21.7k.
Gold gapped up on Tuesday, reclaiming the 50-day. It remains above the average at $2,039. The downside, once again, is that gold bugs failed to hang on to all of the gains. By Thursday, the metal rallied as high as $2,083 but closed the week at $2,054/ounce, up 1.8 percent.
Non-commercials, in the meantime, continue to cut net longs in gold futures, which are at a 15-week low. These traders began to reduce their long exposure after the yellow metal failed to reclaim $2,080s.
Gold rose as high as $2,152 on December 4th but reversed to close the session at $2,042. Resistance at $2,080s has proven tough to crack. 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 in late December and early January. We can now add to this Thursday’s rejection. This opens the door to lower prints in the sessions ahead.
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