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Sunday, June 09, 2024 9:09:10 AM
By: Hedgopia | June 8, 2024
• Following futures positions of non-commercials are as of June 4, 2024.
Gold: Currently net long 237.3k, up 717.
After essentially hugging the 50-day for 10 consecutive sessions, gold sliced through the average on Friday. For the week, it declined 0.9 percent to $2,325/ounce. A loss of $2,300 – which seems imminent in the sessions ahead – will open the door toward horizontal support at $2,240s.
Earlier, gold printed a fresh high of $2,454 on May 20th before going the other way. The metal has come a long way. Last October, it ticked $1,824 and was at $1,996 this February. It is healthy to digest these gains by unwinding the overbought condition gold is in – the weekly in particular.
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