Commodities Complex Signal: CFTC Data Shows Extreme Gold Longs, Oil Skepticism
CFTC positioning data for the week ending August 25 reveals a stark divergence in commodity sentiment that traders need to pay attention to. Managed-money traders are heavily long gold with 277,159 contracts against just 33,825 shorts. That 8.2:1 net-long ratio is the highest since April 2026 and marks extreme bullish sentiment. Yet crude oil traders remain skeptical despite a 3.08% rally, the net-short non-commercial position of 15,142 contracts shows speculators are not buying this move. This kind of positioning divergence often precedes significant price action in one direction or the other. When the crowd leans too hard one way, the opposite move often follows. But this isn't just about…
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