COT Gold Report

Bullish

Managed Money is net long while Swap Dealers are net short, with price advancing and impulse accelerating.

What changed

• Gold price change (Tue–Tue): 4,589.20 → 4,759.60 (+3.71%)
• Previous week price change: +2.39%

• Post-cutoff POC (2026-01-20 → 2026-01-23): 4824.35
• COT measurement POC (2026-01-13 → 2026-01-20): 4598.1
• Managed Money net: +139,162 contracts (18.3% of OI)
• Swap Dealers net: -229,299 contracts (-29.1% of OI)
• Open Interest: 871,555 contracts (Δ +27,556)
• Share of OI: Managed Money long 18.3% vs Swaps short 29.1%
• Concentration: Largest 8-or-less held 40.3% of shorts.

Interpretation

• Price impulse accelerated versus prior week.
• Speculative net positioning expanded modestly relative to market size.
• Post-cutoff trading accepted higher prices than the COT inventory level.
• Price moved strongly with limited incremental speculative commitment.

Risk & Regime Context

• Risk profile: Bullish trend, but price is moving faster than positioning.
• Trend structure: The move is supported by new capital entering the market.
• Volatility regime: Volatility is expanding; continuation likely via wider ranges.
• Position saturation: Speculative positioning is elevated.