Gold Miners ETF (GDX)

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Gold CoT: Peek Into Future Through Futures, How Hedge Funds Are Positioned
By: Hedgopia | March 23, 2024

• Following futures positions of non-commercials are as of March 19, 2024.

Gold: Currently net long 201.6k, unchanged.



Gold was down 0.1 percent to $2,160/ounce, but that belies the intra-week volatility. Intraday Thursday, the metal rallied as high as $2,225 to surpass the March 8th high of $2,203, but only to reverse to close at $2,185, forming a spinning top. For the week, a gravestone doji developed.

Thus far, gold bugs have defended $2,150s, which was the high from early December. Odds favor this support gives way in the sessions ahead. In an ideal scenario for the bulls, gold 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 price point several more times, including in March 2022 ($2,079), May last year ($2,085) and a few more times this year. The 50-day at $2,075 is rising toward that level.

The yellow metal has come a long way from last October when it bottomed at $1,824 and is itching to unwind the overbought condition it is in.

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