April 13th – By CountingPips.com – Receive our weekly COT Reports by Email
Gold Non-Commercial Speculator Positions:
Large precious metals speculators advanced 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 105,364 contracts in the data reported through Tuesday April 9th. This was a weekly boost of 10,808 net contracts from the previous week which had a total of 94,556 net contracts.
The week’s net position was the result of the gross bullish position (longs) rising by 5,723 contracts to a weekly total of 199,507 contracts that combined with a decline in the gross bearish position (shorts) by -5,085 contracts for the week to a total of 94,143 contracts.
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The net speculative position rebounded this week after a sharp decline last week by -25,382 contracts. The spec position has now risen for three out of the past four weeks. The current spec standing is back above the +100,000 net contract level after falling below this threshold last week. This is second time gold bets have ascended above +100,000 net contracts in 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 -132,809 contracts on the week. This was a weekly drop of -14,579 contracts from the total net of -118,230 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Gold Futures (Front Month) closed at approximately $1303.50 which was an uptick of $13.50 from the previous close of $1290.00, 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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