November 26th, 2018 – By CountingPips.com – Receive our weekly COT Reports by Email
Gold Non-Commercial Speculator Positions:
Large precious metals speculators raised 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 Thanksgiving day holiday.
The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totaled a net position of 8,896 contracts in the data reported through Tuesday November 20th. This was a weekly rise of 18,143 net contracts from the previous week which had a total of -9,247 net contracts.
The week’s net position was the result of the gross bullish position sliding by -2,910 contracts to a weekly total of 165,506 contracts but was more than offset by the gross bearish position which saw a decrease by -21,053 contracts for the week to a total of 156,610 contracts.
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The speculative net position flipped back into bullish territory after falling into a bearish net position in the previous week. The gold sentiment has been trending back positively in recent weeks with gold bets having a bullish net position in five out of the past six weeks.
Gold Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -23,140 contracts on the week. This was a weekly fall of -21,317 contracts from the total net of -1,823 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Gold Futures (Front Month) closed at approximately $1221.20 which was a rise of $19.80 from the previous close of $1201.40, 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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