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Gold CoT: Peek Into Future Through Futures, How Hedge Funds Are Positioned
By: Hedgopia | February 17, 2024

• Following futures positions of non-commercials are as of February 13, 2024.

Gold: Currently net long 131.2k, down 30.6k.



Non-commercials cut net longs in gold futures to a 17-week low. They started cutting after raising their holdings to 207,718 contracts in the week to December 27th. Earlier on December 4th, gold posted a new intraday high of $2,152 but reversed to close the session at $2,042. This was yet another failure to bust out of $2,080s.

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.

Repeated failed attempts at $2,080s have led non-commercials to lose patience. This week, they cut their holdings to 131,168 contracts.

Amidst this, the daily is trying to stabilize between the 200-day ($1,980) and the 50-day ($2,038). Gold closed this week at $2,024/ounce. A rally looks imminent.

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