Gold Miners ETF (GDX)

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Gold CoT: Peek Into Future Through Futures, How Hedge Funds Are Positioned
By: Hedgopia | February 10, 2024

• Following futures positions of non-commercials are as of February 6, 2024.

Gold: Currently net long 161.7k, up 13.9k.



On Thursday last week, gold rallied as high as $2,083 but only to close out the week at $2,054/ounce. The metal has failed at this level several times in the past.

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 this year. Then on December 4th last year, gold rose as high as $2,152 but reversed to close the session at $2,042.

After last week’s rejection, gold retreated this week, down 0.7 percent to $2,039. It can continue lower near term, with horizontal support just north of $2,000.

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