Gold at $2,400 — Momentum or Top? Reading the COT Report

Gold is consolidating near all-time highs as markets reassess the inflation trajectory. A softer-than-expected CPI print could be the catalyst for a push toward the $2,400 psychological target.

The Commitment of Traders report shows managed money net longs at 18-month highs. That's a bullish signal — until it isn't. At extremes, positioning itself becomes the headwind as late longs run out of buyers.

On the 4-hour chart, XAUUSD has built a strong base between $2,290 and $2,320. Strategy: Buy dips to $2,290–2,300 with a target at $2,380, stop at $2,260.