On September 17, 2024 it was noted that after four years of economic stimulus packages gold was expected to move higher. A detailed review of Non-Commercial Gold Futures Trader positions revealed that, at this point, a move up will have to wait. Gold is currently in the process of completing a 2016 to 2024 three peak Non Commercial futures trading sequence (Points 4, 5 and 6) shown below. This sequence is similar to what occurred between 2009 and 2011. After 2011 a decline continued until 2020 when economic stimulus packages were once again issued to bail out the economy.
Note that this information is for educational purposes only and not a recommendation.
Gold charts courtesy of StockCharts.com.