August 10th – By CountingPips.com – Receive our weekly COT Reports by Email
Gold Non-Commercial Speculator Positions:
Large precious metals speculators continued to raise their bullish net positions higher 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 292,545 contracts in the data reported through Tuesday August 6th. This was a weekly gain of 38,157 net contracts from the previous week which had a total of 254,388 net contracts.
The week’s net position was the result of the gross bullish position (longs) going up by 38,344 contracts (to a weekly total of 350,558 contracts) while the gross bearish position (shorts) edged up by just 187 contracts on the week (to a total of 58,013 contracts).
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Gold speculators added to their bullish sentiment for a fourth straight week and for the ninth time out of the past ten weeks. The gold position has now risen by a total of +205,857 net contracts in just the past ten weeks.
The bullish level is currently at the highest standing since September 6th of 2016 when the net position had a total of +307,860 contracts.
Gold Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -324,325 contracts on the week. This was a weekly fall of -36,358 contracts from the total net of -287,967 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Gold Futures (Front Month) closed at approximately $1484.20 which was an uptick of $54.50 from the previous close of $1429.70, 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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