Breakdown Coming?

The gold market is entering a tense phase. While price still holds above a key technical level, whale positioning is shifting aggressively bearish.

$XAU is currently trading around $5,087, staying slightly above the 200-day SMA at $5,051. On the surface this looks stable… but the underlying positioning tells a very different story.

Large traders have flipped heavily to the short side.

The Long/Short ratio dropped 19.6% to 0.45, meaning 59 whale accounts are short versus only 45 long. That imbal