July 8th – By CountingPips.com – Receive our weekly COT Reports by Email
Gold Non-Commercial Speculator Positions:
Large precious metals speculators continued to increase their bullish net positions in the Gold futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Monday (delayed due to July 4th holiday).
The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totaled a net position of 258,946 contracts in the data reported through Tuesday July 2nd. This was a weekly lift of 22,392 net contracts from the previous week which had a total of 236,554 net contracts.
The week’s net position was the result of the gross bullish position (longs) going up by 14,594 contracts (to a weekly total of 312,702 contracts) while the gross bearish position (shorts) reduction by -7,798 contracts for the week (to a total of 53,756 contracts).
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The large speculators boosted their gold bullish bets higher for a fifth straight week and by a total of +172,258 contracts over that period. Bullish bets have risen by at least +20,000 contracts in each of the last five weeks.
The speculative gold standing is now at the highest level since September 13th of 2016 when the net position totaled +285,413 contracts.
Gold Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -286,822 contracts on the week. This was a weekly fall of -26,672 contracts from the total net of -260,150 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Gold Futures (Front Month) closed at approximately $1408.00 which was a loss of $-10.70 from the previous close of $1418.70, 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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