Gold attracts speculators as EUR/USD maintains bullish momentum

Gold prices surged 1.2% to $2,650 per ounce as Commitment of Traders data revealed significant speculative buying, with both institutional and retail traders increasing long positions. The precious metal's rally coincides with EUR/USD strength at 1.1590 and broader dollar weakness. COT reports show net long positions in gold futures increased by 15% week-over-week, marking the largest speculative inflow in three months. Silver also participated in the rally, gaining 1.5% to $31.20. The coordinated buying across precious metals and euro positions suggests a broader de-dollarization trade gaining momentum. Technical analysis indicates gold faces resistance at $2,675 (January highs), with support at $2,620. The Nasdaq 100's 0.3% decline amid the dollar weakness highlights rotation from risk assets into traditional havens. Traders should monitor upcoming US economic data, as any disappointment could accelerate gold's advance toward the $2,700 psychological level.