GOLDBUGS AMEX Goldbugs Index (GOLD)

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Gold CoT: Peek Into Future Through Futures, How Hedge Funds Are Positioned
By: Hedgopia | March 2, 2024

• Following futures positions of non-commercials are as of February 27, 2024.

Gold: Currently net long 141.6k, up 1.4k.



Gold bugs are back at it again. In fact, with a close of $2,096/ounce this week, it has managed to reclaim $2,080s, which has acted as a ceiling ever since August 2020 when it reached $2,089 and retreated. After that, rally attempts stopped at that price point in March 2022 ($2,079), May last year ($2,085) and several times this year, not to mention last December when the metal hit a new high of $2,152.

This is as good an opportunity as it gets to build on this week’s action. Needless to say, a breakout would be massive. Encouragingly for the bulls, the metal has been making higher lows since November 2022 when it bottomed at $1,618.

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