March 30th – By CountingPips.com – Receive our weekly COT Reports by Email
Gold Non-Commercial Speculator Positions:
Large precious metals speculators strongly pushed their bullish net positions higher 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 119,741 contracts in the data reported through Tuesday March 26th. This was a weekly gain of 31,345 net contracts from the previous week which had a total of 88,396 net contracts.
The week’s net position was the result of the gross bullish position (longs) growing by 10,122 contracts to a weekly total of 214,447 contracts that combined with the gross bearish position (shorts) which saw a reduction by -21,223 contracts for the week to a total of 94,706 contracts.
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The gold net speculative position rose for a second straight week after dropping in the previous three weeks. The current standing is back over the +100,000 net contract level for the first time since February 26th and has now been in positive territory for nineteen consecutive weeks.
Gold Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -151,434 contracts on the week. This was a weekly fall of -35,775 contracts from the total net of -115,659 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Gold Futures (Front Month) closed at approximately $1321.40 which was a boost of $14.90 from the previous close of $1306.50, 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