Gold Speculators cut back on their bullish net positions this week

December 14, 2019

December 14th – By CountingPips.comReceive our weekly COT Reports by Email

Gold Non-Commercial Speculator Positions:

Large precious metals speculators cut back on 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 270,920 contracts in the data reported through Tuesday December 10th. This was a weekly fall of -19,785 net contracts from the previous week which had a total of 290,705 net contracts.

The week’s net position was the result of the gross bullish position (longs) declining by -17,356 contracts (to a weekly total of 329,169 contracts) while the gross bearish position (shorts) rose by 2,429 contracts for the week (to a total of 58,249 contracts).


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Gold bullish bets dropped for the third time in the past five weeks this week. The decline this week marked the largest shortfall in the past eight weeks. Despite the recent pullbacks, the gold position has remained in a strong bullish position as the speculative position has been above the +250,000 net contract level for the past twenty-one weeks and above the +200,000 net contract level for the past twenty-six weeks.

Gold Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -302,283 contracts on the week. This was a weekly increase of 20,504 contracts from the total net of -322,787 contracts reported the previous week.

Gold Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Gold Futures (Front Month) closed at approximately $1468.10 which was a drop of $-16.30 from the previous close of $1484.40, 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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