Gold Miners ETF (GDX)

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Gold CoT: Peek Into Future Through Futures, How Hedge Funds Are Positioned
By: Hedgopia | July 27, 2024

• Following futures positions of non-commercials are as of July 23, 2024.

Gold: Currently net long 273.1k, down 12k.



Gold suffered its second negative week, down 0.75 percent this week to $2,381/ounce. Last week, it peaked at $2,488 on the 17th. Gold bugs, however, were unable to hang on to those gains; if they did, this would have been an important breakout.

Gold went sideways for three months before posting a new high followed by a reversal last week. On April 12th, it hit a new intraday high of $2,449 before selling off a tad. This was eclipsed on May 20th, as the yellow metal ticked $2,454 before once again coming under pressure. All along, bids showed up at $2,300, a breach of which will have shifted momentum to the bears.

Non-commercials are worth watching here. Last week (in the week to 16th), they were the most net long since March 2020. This week, they cut their holdings a tad. A break of $2,300 in the cash can lead these traders to begin to reduce their exposure.

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