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Saturday, April 27, 2024 10:50:31 AM
By: Hedgopia | April 27, 2024
• Following futures positions of non-commercials are as of April 23, 2024.
Gold: Currently net long 202.9k, up 968.
Gold is either healthily digesting its massive gains since last October or is on the way to unwinding the overbought condition it is in.
On the 12th, the metal printed a new intraday high of $2,449 but only to then reverse hard to close the session at $2,361. This preceded a nearly parabolic move higher. Last October, gold bottomed at $1,824 and tagged $2,047 as recently as March 1st.
Since the peak two weeks ago, gold has acted tentative, with this week down 2.8 percent to $2,347/ounce. The weekly particularly is way overbought, and this raises the risk to a move lower toward near-term support at $2,240s. Worse, gold bugs will be forced to defend breakout retest at $2,080s, which the yellow metal broke out of in early March.
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