Gold Speculators bullish bets cooled off this week

November 3, 2018

November 3, 2018 – By CountingPips.comReceive our weekly COT Reports by Email

Gold Non-Commercial Speculator Positions:

Large precious metals speculators reduced their bullish net positions in the Gold futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totaled a net position of 13,194 contracts in the data reported through Tuesday October 30th. This was a weekly lowering of -16,194 contracts from the previous week which had a total of 29,388 net contracts.

The speculative gold position had risen sharply over the previous two weeks and by a total of 67,563 contracts after spending the previous nine weeks in bearish territory. Despite this week’s pullback, the current standing marks a third consecutive week in bullish territory.


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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 -31,205 contracts on the week. This was a weekly boost of 15,315 contracts from the total net of -46,520 contracts reported the previous week.

Gold Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Gold Futures (Front Month) closed at approximately $1225.30 which was a drop of $-11.50 from the previous close of $1236.80, 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).

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