Gold Miners ETF (GDX)

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Gold CoT: Peek Into Future Through Futures, How Hedge Funds Are Positioned
By: Hedgopia | May 25, 2024

• Following futures positions of non-commercials are as of May 21, 2024.

Gold: Currently net long 229.8k, up 25.3k.



Non-commercials raised net longs in gold futures to the highest since April 2022. They were probably lured into the trade by the metal’s recent strength. This month, gold rallied from $2,285 on the 3rd to $2,454 on the 20th, with the latter a fresh record, surpassing the recent all-time high of $2,449 posted on April 12th.

However, gold bugs were unable to latch on to the 20th (this Monday) high. By the end of the week, the yellow metal gave back 3.4 percent to $2,335/ounce.

More weakness probably lies ahead, particularly if the bulls are unable to defend the 50-day moving average at $2,319. There is decent support at $2,240s.

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