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Saturday, May 04, 2024 11:32:48 AM
By: Hedgopia | May 4, 2024
• Following futures positions of non-commercials are as of April 30, 2024.
Gold: Currently net long 204.2k, up 1.3k.
![](http://hedgopia.com/wp-content/uploads/2024/05/Gold-1536x982.png)
Bids showed up this week well before testing horizontal support at $2,240s, which is where the 50-day now lies. Gold dropped 1.6 percent this week to $2,309/ounce, with Friday’s low tagging $2,285. This was the second weekly decline in a row.
The metal has been unwinding the overbought condition it is in since bottoming at $1,824 last October and at $1,996 as recently as February 14th. On April 12th, the metal printed a new intraday high of $2,449 but only to then reverse hard to close the session at $2,361.
The weekly remains overbought. At some point, gold bugs will be forced to defend breakout retest at $2,080s, which the yellow metal broke out of in early March. Right here and now, they have an opportunity to put their foot down. Nearest resistance lies at $2,350s.
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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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