March 16th – By CountingPips.com – Receive 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 78,819 contracts in the data reported through Tuesday March 12th. This was a weekly decrease of -9,199 net contracts from the previous week which had a total of 88,018 net contracts.
The week’s net position was the result of the gross bullish position (longs) going up by 2,622 contracts to a weekly total of 205,250 contracts but were more than offset by the gross bearish position (shorts) which saw a advance by 11,821 contracts for the week to a total of 126,431 contracts.
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The net speculator position has now fallen for three straight weeks and by a total of -66,828 contracts over that period. Despite the recent weakness, gold positions remain in bullish territory and have been above the +75,000 net contract threshold for thirteen straight weeks.
Gold Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -108,474 contracts on the week. This was a weekly increase of 5,523 contracts from the total net of -113,997 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Gold Futures (Front Month) closed at approximately $1298.10 which was an advance of $13.40 from the previous close of $1284.70, 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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