November 9th – 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 279,828 contracts in the data reported through Tuesday November 5th. This was a weekly change of 3,313 net contracts from the previous week which had a total of 276,515 net contracts.
The week’s net position was the result of the gross bullish position (longs) advancing by 9,168 contracts (to a weekly total of 344,591 contracts) while the gross bearish position (shorts) gained by a lesser amount of 5,855 contracts for the week (to a total of 64,763 contracts).
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Gold speculators slightly boosted their bullish positions this week, pushing bets higher for a third straight week and for the fourth time out of the past five weeks. The gold position remains at the higher end of its bullish range as bets have continued to be higher than at least +250,000 net contracts for sixteen straight weeks.
Gold Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -317,138 contracts on the week. This was a weekly decrease of -15,922 contracts from the total net of -301,216 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Gold Futures (Front Month) closed at approximately $1483.70 which was a decrease of $-7.0 from the previous close of $1490.70, 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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