2hr Gold Chart

The upper panel of the chart shows net speculative longs in the futures contract of US Dollar Index (formerly Chicago Mercantile Exchange now Intercontinental Exchange). See how sentiment has improved from net shorts to 328 net longs contracts (longs exceed shorts by 328), to enter positive territory for the first time since June 2025. There are 2 occasions when positioning entered positive before territory before dropping back to negative, dragging the US dollar--August 2009 and November 2020. Will this time prove the same and lead to fresh selling in the US dollar? Tenporary gains in DXY mean DXY will remain capped near 98 (55DMA), while EURUSD supported around 1.1750/70 also near the 55 DMA. 

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