Gold Net Longs

by Ashraf Laidi

Feb 2, 2026 17:16

I really dislike after-the-fact analysis, but looking at this chart of Gold speculative net longs at the Comex, it shows speculators began lightening their longs on Jan 23. If you look at a historical charts of gold net longs vs XAUUSD, shifts in positioning before price turns are common but not the rule. Just as the upturns in positioning witnessed in May 2025 and October 2025 labeled A and B on the chart respectively coincided with XAUUSD, could it mean the next upturn occurs around C--or when nect longs reach 180K-190K? May + 5 = October + 5 = February.  Come back later this month.  

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