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Saturday, March 16, 2024 10:36:09 AM
By: Hedgopia | March 16, 2024
• Following futures positions of non-commercials are as of March 12, 2024.
Gold: Currently net long 201.6k, up 10.3k.
Since it hit $2,203/ounce – a record – last Friday, gold has come under slight pressure, closing this week down 1.1 percent to $2,162 – first down week in four. Gold bugs, however, showed up for most of this week at/near $2,150s. Last December, the metal ticked $2,152, which was a new high back then, and reversed lower. Before that in October, it bottomed at $1,824. It has come a long way from that low.
In the sessions ahead, gold is likely to breach the $2,150s support. In an ideal scenario for the bulls, it then heads toward $2,080s for a successful breakout retest, laying the foundation for the next leg higher.
Since August 2020, when $2,080s was hit the first time, rally attempts stopped at that level several more times, including March 2022 ($2,079), May last year ($2,085) and a few more times this year.
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Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
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