Tuesday, June 11, 2024 5:26 PM EST
![Bullion, Gold, Bar, Gold Bar, Currency, Wealth, Finance](https://cdn.pixabay.com/photo/2016/10/16/10/11/bullion-1744773_960_720.jpg)
Image Source: Pixabay
Gold is up about 12% year-to-date, but it's down just under 5% since peaking at $2,450/ounce back on May 21st.
As shown below, gold recently broke below its 50-day moving average, which highlights how the uptrend that had been in place in Q1 has turned into more sideways action.
![](https://talkmarkets.com/contributor/mirjana-mishevska/user_content/ckimages/orig_gll_638537373858948008.webp)
As we noted in yesterday’s Closer, Friday’s release of the weekly Commitment of Traders report showed that net long positioning among speculators in gold surged to just over 53% of open interest to its highest level on record dating back to 1986!You can see the new record high in the chart below:
![](https://talkmarkets.com/contributor/mirjana-mishevska/user_content/ckimages/orig_gtt.webp)
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Disclaimer: Bespoke Investment Group, LLC believes all information contained in this report to be accurate, but we do not guarantee its accuracy. None of the information in this report or any ...
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Disclaimer: Bespoke Investment Group, LLC believes all information contained in this report to be accurate, but we do not guarantee its accuracy. None of the information in this report or any opinions expressed constitutes a solicitation of the purchase or sale of any securities or commodities. This is not personalized advice. Investors should do their own research and/or work with an investment professional when making portfolio decisions. As always, past performance of any investment is not a guarantee of future results. Bespoke representatives or clients may have positions in securities discussed or mentioned in its published content.
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