Gold COT: large speculators trim net longs as open interest rises

The latest Commitments of Traders report shows gold still carrying a large speculative long bias, but with a modest weekly cooling in positioning. In the CFTC report for positions as of September 22, 2026, non-commercial traders held 253,982 long contracts and 28,129 shorts, leaving a net long of about 225,853 contracts.

Using the CFTC weekly changes, the previous week's net long was roughly 230,338 contracts. That means net speculative length fell by about 4,485 contracts, while total open interest increased by 2,901 contracts to 412,800.

What changed in Gold COT

This does not make positioning bearish. Speculators remain heavily net long. The useful information is that some longs were cut while shorts increased slightly.

Why it matters for XAU/USD

A heavily long COT can coexist with a strong trend for a long time. It is not an automatic reversal signal. But when net length stops expanding, it becomes more useful to watch whether price can continue rising through fresh demand or whether the market becomes more vulnerable to macro shocks.

COT should be read together with the dollar, U.S. yields and Fed expectations. It reflects Tuesday positions and cannot describe everything that happened later in the week.

What cannot be inferred

A roughly 4,485-contract reduction in net longs does not mean gold must fall. It only shows that speculative positioning remains strongly long but is slightly less extended than one week earlier.

For CFD traders, the value is contextual: strong XAU/USD despite softer positioning suggests resilience; weakening price together with weaker positioning would be a different setup.

Sources

• CFTC, Gold Futures Only, positions as of September 22, 2026: https://www.cftc.gov/dea/futures/deacmxsf.htm
• CFTC Commitments of Traders: https://www.cftc.gov/MarketReports/CommitmentsofTraders/index.htm