Offsides Macro
· Offsides Macro
· May 24, 2026 at 21:17
· ⏱ 1 min read
| Read on Substack ↗
Summary
Gold and platinum positioning has reached extreme net-liquidation levels resembling the late January 2026 setup, which preceded a 15% gold rally. The author argues that current liquidation flows are being absorbed with minimal price impact, signaling a potential bullish reversal for both metals.
•Gold positioning hit 'Max Lower Extremes' after the largest net selling since the late January / early February 2026 blow-off top.
•The prior extreme in January/February 2026 was followed by a nearly 15% gold rally over 30 days, retracing toward prior highs.
•Gold and platinum both show the pattern of large weekly positioning deltas paired with small price moves, interpreted as liquidation being absorbed well by the market.