GOLDBUGS AMEX Goldbugs Index (GOLD)

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Gold CoT: Peek Into Future Through Futures, How Hedge Funds Are Positioned
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.



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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