Gold Miners ETF (GDX)

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Gold CoT: Peek Into Future Through Futures, How Hedge Funds Are Positioned
By: Hedgopia | May 19, 2024

• Following futures positions of non-commercials are as of May 14, 2024.

Gold: Currently net long 204.5k, up 4.9k.



Gold rallied for a second week in a row, up 1.8 percent this week. The mettle has been rallying since May 3rd when it ticked $2,285 intraday. As a matter of fact, this week represents a new closing high of $2,417 – just ahead of $2,414 recorded four weeks prior. Back then, gold had just printed a new intraday high of $2,449, which occurred on April 12th, but the session reversed hard to close at $2,361.

Kudos to gold bugs for having rallied the metal back to those highs. The action after that high lasting five weeks now qualifies for sideways congestion, giving the bulls another opportunity to break out.

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