$XAU WEST IS DUMPING GOLD WHILE SHANGHAI HOLDS FIRM
COMEX gold open interest has fallen 25.5% year-to-date to 1,104 tons, the weakest level since 2009, while Shanghai’s open interest has only dropped 11.6%. The widening East-West divergence suggests capital is leaving Western gold exposure faster than it is being unwound in Shanghai, a setup traders should treat as a potential regime shift.
Watch the COMEX bleed and the SHFE hold. Let the liquidity tell the story: Western de-risking is obvious, but the real tell is whether institutional bids keep defending gold while the West keeps selling. If the gap widens, expect whales to chase the side with stronger staying power.
I think this matters now because markets rarely ignore a structural divergence this clean. When one venue is bleeding open interest and the other is absorbing pressure, the next move often surprises the consensus.
Not financial advice. Manage your risk.
#Gold #XAU #Comex #ShanghaiGold #Macro
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