CFTC: COMEX gold speculators cut net long position by 1,263 lots to 139,548

The reduction is modest relative to the size of the remaining net long, so this reads less as a stance change than as trimming within an already bullish book. What matters is that speculative length stays concentrated enough that positioning itself remains a source of two-way risk. Whether the next weekly report extends the trimming or reverses it is the open question.