After summer highs of 4650.00, gold has retraced to the 4000.00 support level.
XAU/USD shows the price trading around 4000.00 after an extended corrective phase following its late-2025 peak near 5,600. The asset is currently testing a pivotal horizontal support floor at the 3950.00 – 4020.00 zone, which previously served as the multi-week consolidation base before the major breakout in late 2025 and provided an initial bounce in July 2026. The 26 SMA at 4281.05 is the prior support-turned-resistance level near 4400.00.
Weekly ChartCommitments of Traders review
According to the U.S. CFTC ,COT reports for COMEX Gold futures across 2026, the Managed Money Net % Open Interest traded in a tight 22.47% to 27.57% band through late May, before a dramatic short-covering event on June 2 drove positioning up +6.84 percentage points in a single week to 34.41% as total open interest hit an annual low of 326,052 contracts. Bullish conviction peaked at a year-to-date high of 35.19% on August 4, after which persistent long liquidation trimmed institutional exposure back to 25.90% by the October 20 report, effectively returning net positioning to its baseline from early January (25.24%).Commitments of Traders Chart
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