March 9th – 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 latest COT data is now up to date after delays in previous weeks due to the government shutdown.
The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totaled a net position of 88,018 contracts in the data reported through Tuesday March 5th. This was a weekly fall of -47,678 net contracts from the previous week which had a total of 135,696 net contracts.
The week’s net position was the result of the gross bullish position (longs) declining by -34,207 contracts to a weekly total of 202,628 contracts combined with the gross bearish position (shorts) which saw a gain by 13,471 contracts for the week to a total of 114,610 contracts.
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The net speculative position has now fallen for two straight weeks and for three out of the past four weeks. The current standing has now decreased under the +100,000 contract level for the first time in the past five weeks.
Gold speculator sentiment has been on a strong bullish run since late in November with contracts turning bullish and running to their highest levels since April of 2018 before cooling off these past two weeks.
Gold Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -113,997 contracts on the week. This was a weekly advance of 45,848 contracts from the total net of -159,845 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Gold Futures (Front Month) closed at approximately $1284.70 which was a decline of $-43.80 from the previous close of $1328.50, 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