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Commodities · 17 August 2026
Gold's advance to a fresh 20-day high near $4,480 is now backed by a managed-money long that grew…
Gold's advance to a fresh 20-day high near $4,480 is now backed by a managed-money long that grew 9,470 contracts in the week to 11 August, resolving the positioning-price disconnect flagged on 7 August, even as Wells Fargo trims its 2026 target range.
- What would prove it wrong
- If the next COT report shows gold's managed-money net long being trimmed while the prior week's position was expanded, the reading that the positioning-price disconnect has resolved is overturned.
- Next test
- the next CFTC Commitments of Traders report covering the week after 11 August 2026
- Status
- Desk's current note
This is the desk’s own dated record, settled against market data. Descriptive of a research thesis, not investment advice.