Gold COT positioning
Managed money is net long 103,614 contracts in Gold futures as of Nov 3, 2026, with positioning at 25 of 100 within its 52-week range. From the weekly CFTC Commitments of Traders report.
Positions as of Tue, Nov 3, 2026 · published Fri, Nov 6, 2026 · Source: CFTC
Managed money trimmed its long position over the past week. That leaves positioning at 25 on a 0–100 scale between its 52-week low and high — approaching the washed-out end, though not yet at an extreme.
WAVG reads this the same way every week across every market, names the factors behind the bias, and flags when positioning reaches the edge of its 52-week range.
What moves gold positioning
Gold futures are traded by three main groups: managed money (hedge funds and CTAs that trade the trend), producers and merchants (miners and physical dealers who hedge future output, and are therefore structurally short), and swap dealers who intermediate between them. Managed money is the group to watch — its net position swings with the macro backdrop.
What drives it: real interest rates (gold pays no yield, so rising real rates usually pull funds out), the US dollar, and demand for a safe haven when risk sentiment sours. Central-bank buying and inflation expectations set the longer-term tone.
This week's report
| Trader group | Long | Short | Net |
|---|---|---|---|
| Managed money | 122,283 | 18,669 | +103,614 |
| Producers & merchants | 18,914 | 27,826 | −8,912 |
| Swap dealers | 19,301 | 215,291 | −195,990 |
Contracts held long, short and net as of Nov 3, 2026 (published Nov 6, 2026). Source: CFTC.
The last 13 weeks
| Week ending | Managed money net | Change | Index (52w) |
|---|---|---|---|
| Aug 11, 2026 | +137,662 | +6,896 | 65 |
| Aug 18, 2026 | +141,648 | +3,986 | 70 |
| Aug 25, 2026 | +144,747 | +3,099 | 75 |
| Sep 1, 2026 | +136,771 | −7,976 | 64 |
| Sep 8, 2026 | +134,972 | −1,799 | 64 |
| Sep 15, 2026 | +133,116 | −1,856 | 61 |
| Sep 22, 2026 | +127,389 | −5,727 | 68 |
| Sep 29, 2026 | +120,318 | −7,071 | 56 |
| Oct 6, 2026 | +110,987 | −9,331 | 39 |
| Oct 13, 2026 | +107,089 | −3,898 | 32 |
| Oct 20, 2026 | +104,206 | −2,883 | 26 |
| Oct 27, 2026 | +105,562 | +1,356 | 29 |
| Nov 3, 2026 | +103,614 | −1,948 | 25 |
Net position of managed money at each weekly reporting date, the change from the week before, and the COT index for that week. The index compares a week against this market’s own 52-week range: 0 is the low end of that range, 100 the high end — a high reading is not the same as a long position. Source: CFTC.
Track Gold positioning with WAVG
Follow weekly Gold COT positioning with charts, Smart-money VWAP, economic calendar & alerts, and macro news.