By CountingPips.com – Receive our weekly COT Reports by Email
Gold Non-Commercial Speculator Positions:
Large precious metals speculators lifted their bullish net positions in the Gold futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Monday due to the 4th of July holiday.
The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totaled a net position of 78,327 contracts in the data reported through Tuesday July 3rd. This was a weekly boost of 1,655 contracts from the previous week which had a total of 76,672 net contracts.
Gold speculative positions had fallen very sharply the previous two weeks to the lowest level since July of 2017 before this week’s slight turnaround. The current position for gold spec positions remains below the +100,000 contract level for a third straight week.
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Gold Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -93,150 contracts on the week. This was a weekly uptick of 1,813 contracts from the total net of -94,963 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the GLD ETF, which tracks the price of gold, closed at approximately $118.65 which was a loss of $-0.61 from the previous close of $119.26, according to unofficial market data.
*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers & traders for business purposes) were positioned in the futures markets. The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).
Article By CountingPips.com – Receive our weekly COT Reports by Email