September 7th – By CountingPips.com – Receive our weekly COT Reports by Email
Gold Non-Commercial Speculator Positions:
Large precious metals speculators increased 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 300,547 contracts in the data reported through Tuesday September 3rd. This was a weekly rise of 3,709 net contracts from the previous week which had a total of 296,838 net contracts.
The week’s net position was the result of the gross bullish position (longs) growing by 2,776 contracts (to a weekly total of 365,385 contracts) while the gross bearish position (shorts) slid by -933 contracts for the week (to a total of 64,838 contracts).
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Gold speculators continue to show their positive sentiment and pushed the net bullish position above the +300,000 net contract level for the first time since September 6th of 2016, almost exactly three years ago.
Gold speculative bullish positions have now gained for eleven weeks out of the past fourteen (from June 4th to present) which has added a total of +213,859 contracts to the overall bullish standing.
Gold Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -337,741 contracts on the week. This was a weekly fall of -3,935 contracts from the total net of -333,806 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Gold Futures (Front Month) closed at approximately $1555.90 which was a gain of $4.10 from the previous close of $1551.80, 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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