Gold breaks new historical high, market signals revealed by the weakening dollar

OnChainDetective · 2026-01-23T08:00:20+00:00

Gold prices hit a new high of $4957, but long positions have fallen from 300,000 contracts to 200,000 contracts, indicating that non-speculative funds are driving the rally. Analysts say that the decrease in positions actually provides room for gold prices to rise, while the weakening of the US dollar index may reflect central banks around the world adjusting their asset allocations, pushing gold prices higher.

OnChainDetective

2026-01-23 08:00:20

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【CoinPush】The rally in gold prices continues. Last Friday, gold prices just touched a new high of $4,967 per ounce, setting a record. But interestingly, the position holdings are quietly changing.

Data shows that in January, gold long positions once surged to a high of 300,000 contracts, but now have fallen back to around 200,000 contracts. What does this mean? From the beginning of last year to now, the gold price has increased by over $2,000 per ounce, yet the holdings have decreased, indicating that it is not speculative funds driving this rally.

Analyst Jeremy Boulton pointed out that this scale of holdings actually constrains the price from rising further, providing room for gold prices to go higher. The current buyers are clearly not short-term traders; their positions are more stable, and there is less selling pressure.

Another phenomenon worth noting is the performance of the US dollar. During this period of continuous gold price increases, the US dollar index has been weakening. This is no coincidence — it may reflect that countries are adjusting their foreign exchange reserve compositions, using gold to replace part of their dollar exposure. This shift in central bank-level asset allocation is quietly pushing gold prices to new highs.

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WagmiWarrior

· 8h ago

Position reduction and price still rising, this logic is brilliant, indicating that the real big players are quietly positioning themselves.

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GasGuru

· 8h ago

The holdings are shrinking instead, indicating that institutions are quietly accumulating, and retail investors have already exited.

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LiquidationKing

· 8h ago

Position reduction still breaking new highs? This is what true institutions are really accumulating, brother.

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OffchainOracle

· 8h ago

Are the holdings actually decreasing? This means that the real big players are quietly accumulating, while retail investors are being left behind.

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SudoRm-RfWallet/

· 8h ago

Position reversal? This trick is quite interesting, the real institutions are quietly accumulating at the bottom.

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Blockwatcher9000

· 8h ago

Having fewer holdings can actually lead to a rise, this logic is a bit counterintuitive. Are those who are accumulating long-term positions secretly taking action?

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