What is the Gold COT report?

It is the weekly CFTC Commitments of Traders breakdown for Gold (COMEX): how many long and short futures contracts each group of large traders held as of the prior Tuesday, published the following Friday.

How do you read Gold net positioning?

Net position is long contracts minus short contracts for one trader group. A positive net means the group leans bullish; the weekly change matters more than the raw level.

What does the Gold COT index mean?

The COT index rescales a group's net position 0-100 against its own high and low over the chosen lookback. Above 80 is close to the most bullish that group has been; below 20 is close to the most bearish.

What is a bearish divergence in Gold?

A bearish divergence is Gold futures (front month) making new highs while the tracked trader group reduces its net long position — the rally is losing the sponsorship of the money that usually drives it.

Gold (COMEX)

Gold positioning

Price series: Gold futures (front month) · positions as of Tuesday Sep 15, 2026, published Friday Sep 18, 2026

Last weekly close · Gold futures (front month)

4,400

Managed money net position (contracts)

133,116

Convergence — healthy uptrendJul 21, 2026 → Sep 15, 2026 · 8-week windowconfirmed by 2 categories

Price and positioning are rising together: the trend is well supported.

price +8.1% · managed money net position +8,285 (contracts, over 8 weekly reports)

Price vs positioning (contracts)

Price on top, and what the big traders were holding underneath it.

Price — Gold futures (front month)

Net position (contracts) — Net position = long contracts minus short contracts. Above the zero line = net long.

Signal classification tracks bullish divergencebearish divergenceconvergence (healthy trend)

COT Index

0–100 · vs last 3 years

How extreme today's positioning is compared with this group's own history.

Each group's current net position, rescaled 0–100 against its own high and low over the selected lookback. 0 = most bearish it has been in that window, 100 = most bullish. Unitless by design, so markets of very different sizes can be compared.

Non-commercial (large specs)65 · neutral

Leaning long, but not yet at an extreme.

Commercial (hedgers)31 · neutral

Leaning short, but not yet at an extreme.

Managed money65 · neutral

Leaning long, but not yet at an extreme.

Producers / merchants74 · neutral

Leaning long, but not yet at an extreme.

Swap dealers16 · stretched short

Near the most bearish this group has been in the window.

0 · most bearish50 · mid-range100 · most bullish

COT Index = ((Current − Min) / (Max − Min)) × 100, over the last 3 years

Method credit: the 0–100 normalization goes back to Larry Williams' COT work in the 1980s and was developed and popularized by Stephen Briese, author of The Commitments of Traders Bible.

Managed money — COT index history (0–100, rolling 3 years window)

Disagreement Index

contracts · index 0–100

How far apart two trader groups are right now.

Gap = group A's net position minus group B's, measured in contracts. The Disagreement Index rescales that difference 0–100 against its own last 3 years: 0 = the two groups as close together as they get, 100 = as far apart as they get.

Disagreement Index · vs last 3 years

Disagreement sits in its normal historical range — nothing stretched.

Current gap (contracts)

+161,177 contracts

Left axis: gap in contracts (positive = Managed money is more net long than Producers / merchants). Right axis: disagreement index, 0–100. Gap tracks Managed money − Producers / merchants.

Latest week by category

What each trader group was holding in the most recent report.

Positions as of Tuesday Sep 15, 2026, published Friday Sep 18, 2026, compared with the prior weekly report. Positive net = net long; negative net = net short. COT index is measured over the last 3 years.

Category	Long (contracts)	Short (contracts)	Net (contracts)	Weekly change (contracts)	COT index (0–100, 3y)
Non-commercial (large specs)	258,059	27,721	230,338	-1,622	65
Commercial (hedgers)	56,417	318,138	-261,721	+8,553	31
Managed money	142,394	9,278	133,116	-1,856	65
Producers / merchants	16,396	44,457	-28,061	+2,900	74
Swap dealers	14,690	248,350	-233,660	+5,653	16

Signal log — Managed money

Every past signal in this market, and what price did afterwards.

Every rolling 8-week window classified as a bullish or bearish divergence, or as convergence where price and positioning agree. Price change is in percent; net change is in contracts.

Each row covers one stretch of weekly reports: the % is the price change over that stretch, the net figure is the change in the group's net position, in contracts.

Convergence — healthy uptrendJun 9, 2026 → Sep 15, 2026price +3.8% · net position +27,253 contracts
Bullish divergenceApr 7, 2026 → Jul 28, 2026price -14.2% · net position +29,763 contracts
Convergence — healthy downtrendJan 20, 2026 → Apr 28, 2026price -6.7% · net position -47,692 contracts
Bearish divergenceDec 9, 2025 → Mar 10, 2026price +16.9% · net position -25,149 contracts
Convergence — healthy uptrendOct 14, 2025 → Jan 20, 2026price +18.2% · net position +29,134 contracts
Bearish divergenceAug 5, 2025 → Dec 2, 2025price +21.5% · net position -33,663 contracts
Convergence — healthy uptrendApr 22, 2025 → Sep 23, 2025price +15.5% · net position +39,647 contracts
Bearish divergenceJan 7, 2025 → Jun 3, 2025price +23.3% · net position -54,059 contracts
Convergence — healthy uptrendNov 12, 2024 → Feb 25, 2025price +10.8% · net position +14,516 contracts
Convergence — healthy downtrendOct 22, 2024 → Dec 24, 2024price -4.5% · net position -39,663 contracts
Bearish divergenceSep 24, 2024 → Nov 19, 2024price +1.7% · net position -63,855 contracts
Convergence — healthy downtrendSep 17, 2024 → Nov 12, 2024price -2.9% · net position -51,059 contracts

Source: CFTC Commitments of Traders — positions as of Tuesday, published the following Friday. All position figures are futures contracts unless the % of open interest view is selected. Positioning is a sentiment tool, not a timing signal. Not investment advice.