Gold Miners ETF (GDX)

[DiscoverGold]

Gold CoT: Peek Into Future Through Futures, How Hedge Funds Are Positioned
By: Hedgopia | October 26, 2024

• Following futures positions of non-commercials are as of October 22, 2024.

Gold: Currently net long 296.2k, up 9.8k.



There is no stopping the yellow metal, rallying this week 0.9 percent to $2,755/ounce, tagging $2,773 on Wednesday. This was the third up week in a row – and sixth in last seven.

Gold has rallied strongly since June when it ticked $2,305. Since then, there have been several breakouts. Five weeks ago, after five sessions of sideways action at $2,610s, it broke out on September 20. This followed a breakout in the prior week at $2,540s-50s after several unsuccessful attempts since mid-August. Prior to this, after more than three months of sideways action, gold broke out at $2,440s-50s in August.

If one were to nitpick, the daily RSI has made lower highs even as gold went on to add $100 in the past month.

Read Full Story »»»

DiscoverGold