Positioning · retail sentiment · read at 08:31 UTC on 12 November 2026
Gold retail sentiment: long vs short
As of 08:31 UTC on 12 November 2026, 80% of retail traders are long gold and 20% short, a long/short ratio of 4. A week earlier, on 5 November, 79% were long, so the crowd is 1 point more long this week.
The long share over 120 days
Over the 120 days the terminal holds (since 11 July), the long share has run from 33% to 89%; today's reading is higher than on 54% of those days.
The COT view beside it
Speculators in gold futures are net long 103,614 contracts (CFTC, positions at 3 Nov), at the 11th percentile of their own range. Gold COT positioning
Speculators in US dollar futures are net long 3,311 contracts (CFTC, positions at 3 Nov), at the 72nd percentile of their own range. US Dollar COT positioning
Retail shows the crowd at retail brokers; the CFTC report shows speculators in futures, weekly. The two often sit on opposite sides. This week's full report: the COT report.
Questions
Are retail traders long or short gold?
As of 08:31 UTC on 12 November 2026, 80% of retail traders are long gold and 20% short, a long/short ratio of 4. The crowd leans long, 80% on one side.
How has gold retail sentiment changed this week?
A week earlier, on 5 November, 79% were long, so the crowd is 1 point more long this week.
Is gold retail positioning extreme?
Over the 120 days the terminal holds (since 11 July), the long share has run from 33% to 89%; today's reading is higher than on 54% of those days. That is inside its recent range rather than at an edge of it.
What does the COT report say about gold?
Speculators in gold futures are net long 103,614 contracts (CFTC, positions at 3 Nov), at the 11th percentile of their own range. Speculators in US dollar futures are net long 3,311 contracts (CFTC, positions at 3 Nov), at the 72nd percentile of their own range.
How do traders read retail sentiment?
Many traders read it as a contrarian gauge: a crowd leaning heavily one way has often been on the wrong side of the move that follows, and is the side forced out when price runs against it. It is a description of positioning, not a signal. In WatchTower Terminal's composite score retail positioning is read that way, at a weight of 10%, alongside CFTC positioning, rates and research.
More on gold: XAUUSD analysis · Gold seasonality · Gold outlook · Gold COT positioning · US Dollar outlook · US Dollar COT positioning · Fed rate expectations · US economic surprises
Aggregated retail broker positioning, read every 20 minutes in the terminal; this page is rebuilt through the day. Not financial advice.