Bullish: Hedge funds (Managed Money) are net long while institutions (Swaps) are net short/hedging.

Net weekly change: +77,147.
Participation broadened materially.

Banks hold more open interest than speculators. This usually means the market is being driven more by steady hedging rather than fast speculative trading.

Funds long exposure is stretched versus recent norms.
Positioning: 153,882 long / 19,752 short → +134,130 net.

• Changes since December 9, 2025
+124,637 net → This week +134,130 net.
Δ +9,493 contracts — Funds increased net long exposure, adding bullish pressure.

Banks net short hedge is heavy, showing strong hedging activity that can slow upside if it continues.
Positioning: 30,817 long / 249,158 short → -218,341 net.

• Changes since December 9, 2025
-201,941 net → This week -218,341 net.
Δ +16,400 contracts — Banks increased their net short hedge, adding selling pressure that can slow upside momentum.

A few big traders are holding most of the short positions. If they start buying to close their shorts, it could trigger a short squeeze and push prices upward faster than usual.

Other large traders snapshot.

Mining companies, refiners, jewelers, and others tied to physical gold; they mostly hedge to manage business risk.

Hedge funds and professional traders betting on price direction.

Banks and institutions, often hedging customer trades or OTC positions.

Large traders like prop desks and family offices that don’t fit other categories.

Smaller players, including retail traders.

Taking positions that offset risk from other exposures. For example, shorting futures to protect against losses if other holdings are long.