Gold’s final washout? Friday’s fall is consistent with forced selling, but public positioning data have not yet capitulated

Positioning, rates and the calendar after Friday’s sell-off · public US data and an indicative gold price

Indicative spot gold fell from about $4,022 at Thursday’s close to about $3,876 at Friday’s close (30 Oct), about 3.6% lower, with a Friday session low near $3,871 (indicative; each close is the end of the trading session at 21:00 GMT). Friday was a month-end day on which Treasury yields eased. That is consistent with selling for reasons other than rates, though who sold cannot be observed. Speculative length sits in the lower third of its 2026 range rather than being flushed, shorts are small relative to open interest, and the latest positions predate Friday. The data do not yet show a completed washout. Next week’s COT report and US payrolls are the test.

Apart from the indicative gold price, this edition uses only public US government data (CFTC, Federal Reserve, US Treasury, BLS calendar). Implied volatility and ETF figures are left out on purpose. Every figure carries its source and as-of date.

Educational market commentary for information and knowledge sharing only. Not investment advice. Disclaimer & risk warning.