Gold’s Trend Snaps – Cheap Options and Looming CTA Liquidation

New in gold

Haven't seen gold trade below the trend line that has been in place so far in 2025... nor have we seen gold trade this much below the 50 day since late 2024.

Source: LSEG Workspace

Cheap options

Source: LSEG Workspace

The dollar connection

Source: LSEG Workspace

Specs

Source: LSEG Workspace

Momentum chasers

Source: BofA

Seasonality

Source: Equity Clock