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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.
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:
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