One can observe a very important bullish technical signal on the gold chart. The price bounced off major support zone between $ 1820-1830 level, which coincides with 38.2 Fibonacci retracement of the last upward wave. Recent move was accompanied by a rebound in the prices of US bonds and a stoppage of declines on EURUSD. The signal is quite strong, but the price would need to move above the 50-moving day average (red line) fairly quickly to neutralize the negative bias from technical analysis. Also let's take a look at other important indicators.
Source: xStation5
It's hard to discuss gold positioning as the COT CFTC report was not generated due to technical issues. We have not received new positioning data since January 26. Statement from the CFTC on February 10, did not provide any information whether gold positioning has actually stopped due to the recent significant price declines. On the other hand, ETFs continue to sell gold. Since the beginning of this year, ETFs inventories fell by 1%.
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CFTC data for most instruments has not been updated since January 26! Source: Bloomberg, XTB
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