GOLDBUGS AMEX Goldbugs Index (GOLD)

[DiscoverGold]

Gold CoT: Peek Into Future Through Futures, How Hedge Funds Are Positioned
By: Hedgopia | March 9, 2024

• Following futures positions of non-commercials are as of March 5, 2024.

Gold: Currently net long 191.3k, up 49.7k.



Gold bugs were able to build on last week’s action, when the metal closed at $2,096 – just above major resistance at $2,080s. This level has acted as a ceiling ever since August 2020 when gold reached $2,089 and retreated. After that, rally attempts stopped 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 week, the December high was surpassed, with the yellow metal reaching $2,203 on Friday, closing at $2,186/ounce.

Gold has broken out of a long base. This is occurring at a time when equities, after massive rallies since last October’s lows, are showing signs of exhaustion.

The only thing is that gold has rallied for seven sessions in a row, with a somewhat parabolic look to it. A little backing and filling will be healthy.

Read Full Story »»»

DiscoverGold