Gold Miners ETF (GDX)

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Gold CoT: Peek Into Future Through Futures, How Hedge Funds Are Positioned
By: Hedgopia | June 29, 2024

• Following futures positions of non-commercials are as of June 25, 2024.

Gold: Currently net long 246.2k, up 3.1k.



Once again, $2,300 drew bids, with Wednesday touching $2,305 intraday. By the end of the week, gold was up 0.4 percent for the week to $2,340/ounce.

Gold bugs have defended $2,300 for just over two months now. The metal came under pressure after recording a fresh high of $2,449 on April 12th. On May 20th, a new high of $2,454 was hit. Soon after, sellers appeared, but they have not been able to push the metal under $2,300.

From the bulls’ perspective, they have successfully held $2,300, but have been unable to use it as a launching pad for a new rally. The 50-day ($2,352) is beginning to roll over, with gold closing under the average in 14 out of the last 15 sessions.

Gold has come a long way since last October when it ticked $1,824 (was $1,996 this February) and cannot afford to lose $2,300.

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