BUZZ-Gold longs may not be overcrowded but they are telling

* Bets on gold rising were reduced from 315k in week ending Oct 1 * Gold hit record high at $2685 on Sep on Sep 26 - lower since * Currently IMM longs are 300k contracts - record bet in 2020 was 353k * While there is room for specs to add, longs are big restraint on rally * Assets many hold are less safe which may detract from gold's appeal * Currently USD - which many have sold - looks much safer than gold * Reduction of exposure is the first step in risk-off situations * If there is any rise in risk aversion USD could gain, and gold might drop * Conflicts in Ukraine and Middle East and China slowdown cause for caution * <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ gold https://tmsnrt.rs/4dBF9vM ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Jeremy Boulton is a Reuters market analyst. The views expressed are his own) (([email protected]))