Current set up for gold - Going from cold to warmer ?

Gold has bounced to around US$4400.

The aussie small cap gold miners have been particularly tough in recent months.

Sentiment is almost dead cold. The article below is of interest.

https://finance.yahoo.com/markets/article/golds-breakout-could-force-investors-back-in-chart-of-the-day-113004349.html

Two data points jumped at me. Note the sharp reversal in ETF flow since the peak of gold price in early 2026. See Pic 1. To be fair, this is not as grim because net net, it shows more ETF gold is still owned than before. And the current down turn has not spent the typical 1 year or so of dripping ETF outflow.

Another data point is Goldman Sachs estimates CTAs (commodity trading advisor) remain about $9 billion short gold.

Market positioning is cold, definitely not hot.

Elsewhere, more reasons to think the Fed will chicken out despite tough talk by Kevin Warsh. Plus US intervening in the yen market.....

Over all, there are elements in place for us to speculate that gold is building a bottom.