May 25th – By CountingPips.com – Receive our weekly COT Reports by Email
Gold Non-Commercial Speculator Positions:
Large precious metals speculators cut back on 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 88,805 contracts in the data reported through Tuesday May 21st. This was a weekly decline of -35,731 net contracts from the previous week which had a total of 124,536 net contracts.
The week’s net position was the result of the gross bullish position (longs) lowering by -22,733 contracts (to a weekly total of 203,628 contracts) while the gross bearish position (shorts) gained by 12,998 contracts for the week (to a total of 114,823 contracts).
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The net speculative position fell for the first time in four weeks but dropped by the highest weekly amount since April 16th. Gold speculative bets had previous gained for three straight weeks and ascended to the highest net position since February before cooling off this week.
Overall, the gold spec position remains in a relatively strong bullish position and has been in positive territory for twenty-seventh 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 -107,938 contracts on the week. This was a weekly gain of 29,245 contracts from the total net of -137,183 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Gold Futures (Front Month) closed at approximately $1273.20 which was a decline of $-23.10 from the previous close of $1296.30, 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