Gold Bulls Target 4,800 Rebound Despite Weak Futures Exposure

On June 2, gold showed tentative rebound signs from 4,400 support with bullish technicals pointing toward 4,800, yet futures positioning remains weak. Earlier in the day, XAUUSD shrugged off the Iran deal collapse as commercials quietly accumulated longs while non-commercials cut exposure and open interest fell sharply. Latest data reveal large spec net-longs at a two-year low of 154k contracts, asset-manager nets at 97k, and total open interest at 2009 lows, with options indicating priced-in downside risk. Any rally is expected to stay limited without USD weakness or renewed speculative participation.