November 16th – By CountingPips.com – Receive our weekly COT Reports by Email
Gold Non-Commercial Speculator Positions:
Large precious metals speculators lowered their bullish net positions in the Gold futures markets this week for the first time in four weeks, 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 267,066 contracts in the data reported through Tuesday November 12th. This was a weekly decline of -12,762 net contracts from the previous week which had a total of 279,828 net contracts.
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The week’s net position was the result of the gross bullish position (longs) falling by -21,402 contracts (to a weekly total of 323,189 contracts) while the gross bearish position (shorts) dropped by a lesser amount of -8,640 contracts for the week (to a total of 56,123 contracts).
Gold speculators had been raising their bullish bets for three straight weeks to a six-week high before this week’s retreat in bullish positions. Overall, the gold bullish position remains strong and has been above the +250,000 net contract level for sixteen consecutive weeks and well above the 2019 average position level of +182,843 net contracts. Gold bets have not been in an overall bearish level since November 13th of 2018, a span of fifty-three weeks.
Gold Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -301,468 contracts on the week. This was a weekly gain of 15,670 contracts from the total net of -317,138 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Gold Futures (Front Month) closed at approximately $1453.70 which was a loss of $-30.0 from the previous close of $1483.70, 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