April 6th – By CountingPips.com – Receive our weekly COT Reports by Email
Gold Non-Commercial Speculator Positions:
Large precious metals speculators sharply 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 94,556 contracts in the data reported through Tuesday April 2nd. This was a weekly decrease of -25,382 net contracts from the previous week which had a total of 119,938 net contracts.
The week’s net position was the result of the gross bullish position (longs) sinking by -21,113 contracts to a weekly total of 193,784 contracts and combined with the gross bearish position (shorts) which saw a lift by 4,269 contracts for the week to a total of 99,228 contracts.
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The net speculative position had risen for two straight weeks before this week’s strong decline (by -21.1% of net position). The current standing has fallen under the +100,000 net contract level just once week after ascending this threshold for the first time since February.
Overall, and despite this week’s decline, the gold speculative position remains in a relatively strong bullish position. Gold bets had been in bearish territory as recently as this past November as well as a bearish streak that lasted nine weeks from August to October.
Gold Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -118,230 contracts on the week. This was a weekly boost of 33,204 contracts from the total net of -151,434 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Gold Futures (Front Month) closed at approximately $1295.40 which was a drop of $-26.00 from the previous close of $1321.40, 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).
Article By CountingPips.com – Receive our weekly COT Reports by Email