Gold at $4,133: CFTC Positioning and the Path to Recovery
Gold at $4,133 per ounce is down 26% from its January high of $5,586. That correction is steep enough to shake out leveraged longs, and it already has: June saw $8.9 billion leave global gold ETFs, the worst outflow month in over a year. But beneath the headline number, the market structure has not broken. Three forces are holding a soft floor under the metal, and understanding each one separately is what tells you whether this is a buying opportunity or the start of something worse. Key Takeaways Gold spot traded at $4,133/oz on July 22, 2026, down 26% from the 52-week high of $5,586 but holding above the 52-week low of $3,263. CFTC Commitments of Traders data as of July 14, 2026 shows non-…
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