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Saturday, May 11, 2024 11:11:42 AM
By: Hedgopia | May 11, 2024
• Following futures positions of non-commercials are as of May 7, 2024.
Gold: Currently net long 199.6k, down 4.6k.
Last Friday, gold bugs showed up at $2,285 – well before testing horizontal support at $2,240s. They built on that this week, as the metal rallied 2.9 percent to $2,375/ounce. This comes after two weeks of decline.
On April 12th, gold printed a new intraday high of $2,449 but only to then reverse hard to close the session at $2,361. Friday’s intraday high of $2,385, in fact, kissed a falling trendline from that high. This resistance likely gives way in the sessions ahead.
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