August 3rd – By CountingPips.com – Receive our weekly COT Reports by Email
Gold Non-Commercial Speculator Positions:
Large precious metals speculators once again lifted 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 254,388 contracts in the data reported through Tuesday July 30th. This was a weekly boost of 3,138 net contracts from the previous week which had a total of 251,250 net contracts.
The week’s net position was the result of the gross bullish position (longs) advancing by 333 contracts (to a weekly total of 312,214 contracts) while the gross bearish position (shorts) fell by -2,805 contracts for the week (to a total of 57,826 contracts).
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Large speculators have now raised their bullish bets for three straight weeks and for the eighth time out of the past nine weeks. This streak of bullishness has taken the gold speculator level from a total of +86,688 contracts on May 28th to a total of +254,388 contracts this week.
The current standing is now at the most bullish level since September 12th of 2017 and has been above the +200,000 net contract level for seven straight weeks after having spent the previous seventy-one weeks below this level.
Gold Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -287,967 contracts on the week. This was a weekly fall of -128 contracts from the total net of -287,839 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Gold Futures (Front Month) closed at approximately $1429.70 which was an advance of $8.00 from the previous close of $1421.70, 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).
Article By CountingPips.com – Receive our weekly COT Reports by Email