Archive for investing – Page 2

10-Year Note Speculators bearish bets climbed this week

May11th – By CountingPips.comReceive our weekly COT Reports by Email

10-Year Note Non-Commercial Speculator Positions:

Large bond speculators boosted their bearish net positions in the 10-Year Note 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 10-Year Note futures, traded by large speculators and hedge funds, totaled a net position of -330,562 contracts in the data reported through Tuesday May 7th. This was a weekly change of -42,641 net contracts from the previous week which had a total of -287,921 net contracts.

The week’s net position was the result of the gross bullish position (longs) sinking by -11,479 contracts to a weekly total of 577,607 contracts in addition to the gross bearish position (shorts) which saw a increase by 31,162 contracts for the week to a total of 908,169 contracts.

The large speculators pushed their bearish bets further along this week after a pause last week. The spec position has now had rising bearish bets in six out of the last seven weeks as sentiment is seeing renewed bearishness after cooling off from late December through March. The overall standing is now at the most bearish level since December 18th when the net position was -380,779 contracts.

10-Year Note Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 292,190 contracts on the week. This was a weekly uptick of 43,176 contracts from the total net of 249,014 contracts reported the previous week.

10-Year Note Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the 10-Year Note Futures (Front Month) closed at approximately $124.01 which was a boost of $0.34 from the previous close of $123.67, 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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Gold Speculators increased their bullish bets for a 2nd week

May11th – By CountingPips.comReceive our weekly COT Reports by Email

Gold Non-Commercial Speculator Positions:

Large precious metals speculators lifted their bullish bets 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 75,411 contracts in the data reported through Tuesday May 7th. This was a weekly gain of 9,192 net contracts from the previous week which had a total of 66,219 net contracts.

The week’s net position was the result of the gross bullish position (longs) advancing by 8,526 contracts to a weekly total of 185,801 contracts while the gross bearish position (shorts) fell by -666 contracts for the week to a total of 110,390 contracts.

The net speculative position got a boost for a second straight week and has now risen to the best level in the past four weeks. Overall, gold speculator sentiment has remained positive since late October save for one bearish week in mid-January. Gold bets have fared much better than silver and copper which are both in bearish positions currently.

Gold Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -96,359 contracts on the week. This was a weekly loss of -8,047 contracts from the total net of -88,312 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 $1285.60 which was a fall of $-0.10 from the previous close of $1285.70, 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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S&P500 Mini Speculators sharply raised their bullish bets as shorts pull back

May11th – By CountingPips.comReceive our weekly COT Reports by Email

S&P500 Mini Non-Commercial Speculator Positions:

Large stock market speculators boosted their bullish net positions in the S&P500 Mini 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 S&P500 Mini futures, traded by large speculators and hedge funds, totaled a net position of 96,136 contracts in the data reported through Tuesday May 7th. This was a weekly gain of 34,839 net contracts from the previous week which had a total of 61,297 net contracts.

The week’s net position was the result of the gross bullish position (longs) edging higher by 464 contracts to a weekly total of 415,818 contracts while the gross bearish position (shorts) decreased by -34,375 contracts for the week to a total of 319,682 contracts.

The net speculative position rose sharply for a second straight week and by a total of +93,707 contracts over that period. The fact that the gain this week was primarily from short-covering or short positions cutting their bets back shows speculators have not completely bought into this rally yet. The average position for speculators was over +175,000 per week throughout all of 2018 while only averaging just over +16,000 per week in 2019.

S&P500 Mini Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -31,621 contracts on the week. This was a weekly decrease of -15,562 contracts from the total net of -16,059 contracts reported the previous week.

S&P500 Mini Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the S&P500 Mini Futures (Front Month) closed at approximately $2890.75 which was a shortfall of $-57.75 from the previous close of $2948.50, 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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VIX Speculators sharply cut back from record high bearish positions this week

May11th – By CountingPips.comReceive our weekly COT Reports by Email

VIX Non-Commercial Speculator Positions:

Large volatility speculators sharply decreased their bearish net positions in the VIX 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 VIX futures, traded by large speculators and hedge funds, totaled a net position of -150,307 contracts in the data reported through Tuesday May 7th. This was a weekly gain of 30,052 net contracts from the previous week which had a total of -180,359 net contracts.

The week’s net position was the result of the gross bullish position (longs) ascending by 2,496 contracts to a weekly total of 92,273 contracts in addition the gross bearish position (shorts) which fell by -27,556 contracts for the week to a total of 242,580 contracts.

The speculative position had been on a very strong bearish run recently. Bearish bets rose for five straight weeks before this week’s sharp turnaround. The VIX spec sentiment reached its most bearish level on record on April 30th with a total of -180,359 contracts. This week’s pullback puts a dent in the short position but overall standing remains remains extremely bearish.

VIX Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 153,757 contracts on the week. This was a weekly shortfall of -29,967 contracts from the total net of 183,724 contracts reported the previous week.

VIX Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the VIX Futures (Front Month) closed at approximately $17.87 which was a boost of $3.45 from the previous close of $14.42, 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.comReceive our weekly COT Reports by Email

Silver Speculators lowered their bets into bearish territory this week

May11th – By CountingPips.comReceive our weekly COT Reports by Email

Silver Non-Commercial Speculator Positions:

Large precious metals speculators dropped their bets back into a bearish position in the Silver 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 Silver futures, traded by large speculators and hedge funds, totaled a net position of -957 contracts in the data reported through Tuesday May 7th. This was a weekly lowering of -3,093 net contracts from the previous week which had a total of 2,136 net contracts.

The week’s net position was the result of the gross bullish position (longs) growing by 226 contracts to a weekly total of 77,346 contracts compared to the gross bearish position (shorts) which increased by 3,319 contracts for the week to a total of 78,303 contracts.

The net speculative position dipped back into a bearish position after a small rise into a bullish level last week. This was the second time in the past three weeks that bets having fallen into bearish territory.

Speculator sentiment has declined quickly after having spent nineteen straight weeks in bullish territory from December 11th through April 16th. The net position had reached a high of +58,313 contracts as recently as February 26th.

Silver Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -16,659 contracts on the week. This was a weekly advance of 4,701 contracts from the total net of -21,360 contracts reported the previous week.

Silver Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Silver Futures (Front Month) closed at approximately $1492.60 which was a shortfall of $-5.80 from the previous close of $1498.40, 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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Copper Speculators pushed their bets further bearish this week

May11th – By CountingPips.comReceive our weekly COT Reports by Email

Copper Non-Commercial Speculator Positions:

Large precious metals speculators added to their bearish bets in the Copper 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 Copper futures, traded by large speculators and hedge funds, totaled a net position of -12,878 contracts in the data reported through Tuesday May 7th. This was a weekly change of -12,745 net contracts from the previous week which had a total of -133 net contracts.

The week’s net position was the result of the gross bullish position (longs) declining by -5,977 contracts to a weekly total of 73,622 contracts in addition to the gross bearish position (shorts) which rose by 6,768 contracts for the week to a total of 86,500 contracts.

The net speculative position declined for the third straight week and for the fourth time out of the past five weeks. The specs have now pushed their net position to the most bearish level since January 22nd. The copper speculator sentiment had stayed in positive territory from February 12th to April 23rd before falling back into bearish standing on April 30th.

Copper Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 8,603 contracts on the week. This was a weekly uptick of 13,402 contracts from the total net of -4,799 contracts reported the previous week.

Copper Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Copper Futures (Front Month) closed at approximately $278.55 which was a decline of $-11.85 from the previous close of $290.40, 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).

Article By CountingPips.comReceive our weekly COT Reports by Email

US Dollar Index bets edge higher. Specs push Yen bets lower for 11th week

May 4th – By CountingPips.comReceive our weekly COT Reports by Email

US Dollar Index Speculator Positions

Large currency speculators added to their bullish net positions in the US Dollar Index 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 US Dollar Index futures, traded by large speculators and hedge funds, totaled a net position of 28,949 contracts in the data reported through Tuesday April 30th. This was a weekly gain of 194 contracts from the previous week which had a total of 28,755 net contracts.

This week’s net position was the result of the gross bullish position gaining by 2,040 contracts to a weekly total of 51,212 contracts and outnumbered the gross bearish position total of 22,263 contracts that increased by 1,846 contracts for the week.

The net speculative position edged a bit higher this week after having declined in the previous two weeks. The current speculator sentiment remains firmly bullish although the overall position has now been under the +30,000 net contract level for seven consecutive weeks. Previously, the net positioning had stayed above this threshold for thirty-two straight weeks through March 12th.


Individual Currencies Data this week:

The individual contracts data, showed that the major currencies with improving speculator positions this week were the US dollar index (194 weekly change in contracts) and the Canadian dollar (748 contracts).

The currencies whose speculative bets declined this week were the euro (-126 weekly change in contracts), British pound sterling (-2,833 contracts), Japanese yen (-5,185 contracts), Swiss franc (-2,210 contracts), Australian dollar (-8,556 contracts), New Zealand dollar (-6,010 contracts) and the Mexican peso (-5,966 contracts).

Notables for the week:

Japanese yen bearish bets rose for the eleventh straight week and by a total of -68,857 contracts over that period. The yen position is now at the most bearish level since December 18th when the net position was -102,771 contracts. Yen positions have remained in bearish territory for forty-two straight weeks dating back to June 12th of 2018.

Euro positions continued to see higher bearish levels this week as well. Euro bets have had rising bearish positions for two straight weeks and for six times out of the past seven weeks. The overall bearish position is above the -105,000 contract level for a second straight week and is at the highest bearish level since December 6th of 2016.

Mexican peso positions have cooled off for two weeks in a row after rising to an all-time record high bullish position on April 16th. The peso remains the only other major currency besides the USD Index with positive speculator bets.

See the table and individual currency charts below.


Table of Large Speculator Levels & Weekly Changes:

Currency Net Speculator Position Specs Weekly Change
USD Index 28,949 194
EuroFx -105,544 -126
GBP -4,668 -2,833
JPY -99,599 -5,185
CHF -39,746 -2,210
CAD -46,745 748
AUD -59,005 -8,556
NZD -11,460 -6,010
MXN 144,739 -5,966

 

This latest COT data is through Tuesday and shows a quick view of how large speculators or non-commercials (for-profit traders) were positioned in the futures markets. All currency positions are in direct relation to the US dollar where, for example, a bet for the euro is a bet that the euro will rise versus the dollar while a bet against the euro will be a bet that the dollar will gain versus the euro.

 


Weekly Charts: Large Trader Weekly Positions vs Price

EuroFX:

The Euro large speculator standing this week equaled a net position of -105,544 contracts in the data reported through Tuesday. This was a weekly fall of -126 contracts from the previous week which had a total of -105,418 net contracts.


British Pound Sterling:

The large British pound sterling speculator level recorded a net position of -4,668 contracts in the data reported this week. This was a weekly decline of -2,833 contracts from the previous week which had a total of -1,835 net contracts.


Japanese Yen:

Large Japanese yen speculators reached a net position of -99,599 contracts in this week’s data. This was a weekly reduction of -5,185 contracts from the previous week which had a total of -94,414 net contracts.


Swiss Franc:

The Swiss franc speculator standing this week totaled a net position of -39,746 contracts in the data through Tuesday. This was a weekly decline of -2,210 contracts from the previous week which had a total of -37,536 net contracts.


Canadian Dollar:

Canadian dollar speculators totaled a net position of -46,745 contracts this week. This was a lift of 748 contracts from the previous week which had a total of -47,493 net contracts.


Australian Dollar:

The large speculator positions in Australian dollar futures reached a net position of -59,005 contracts this week in the data ending Tuesday. This was a weekly decrease of -8,556 contracts from the previous week which had a total of -50,449 net contracts.


New Zealand Dollar:

The New Zealand dollar speculative standing was a net position of -11,460 contracts this week in the latest COT data. This was a weekly lowering of -6,010 contracts from the previous week which had a total of -5,450 net contracts.


Mexican Peso:

Mexican peso speculators equaled a net position of 144,739 contracts this week. This was a weekly fall of -5,966 contracts from the previous week which had a total of 150,705 net contracts.


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*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) 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).

WTI Crude Oil Speculators reduced their bullish bets amid strong bullish streak

May 4th – By CountingPips.comReceive our weekly COT Reports by Email

WTI Crude Oil Non-Commercial Speculator Positions:

Large energy speculators lowered their bullish net positions in the WTI Crude Oil futures markets this week for just the second time in the past eleven 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 WTI Crude Oil futures, traded by large speculators and hedge funds, totaled a net position of 524,103 contracts in the data reported through Tuesday April 30th. This was a weekly lowering of -23,256 net contracts from the previous week which had a total of 547,359 net contracts.

The week’s net position was the result of the gross bullish position (longs) tumbling by -6,372 contracts to a weekly total of 638,298 contracts combined with the gross bearish position (shorts) which gained by 16,884 contracts for the week to a total of 114,195 contracts.

The speculative net position has been in a very strong bullish run as bets had increased for nine out of the previous ten weeks (a gain of +259,145 contracts) before this weeks decline. The overall net position has now been above the +500,000 net contract level for four straight weeks after having not ascended that threshold since October.

WTI Crude Oil Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -549,163 contracts on the week. This was a weekly advance of 21,306 contracts from the total net of -570,469 contracts reported the previous week.

WTI Crude Oil Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the WTI Crude Oil Futures (Front Month) closed at approximately $63.91 which was a shortfall of $-2.39 from the previous close of $66.30, 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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10-Year Note Speculators reduced bearish bets for the first time in 6 weeks

May 4th – By CountingPips.comReceive our weekly COT Reports by Email

10-Year Note Non-Commercial Speculator Positions:

Large bond speculators cut back on their bearish net positions in the 10-Year Note 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 10-Year Note futures, traded by large speculators and hedge funds, totaled a net position of -287,921 contracts in the data reported through Tuesday April 30th. This was a weekly change of 35,870 net contracts from the previous week which had a total of -323,791 net contracts.

The week’s net position was the result of the gross bullish position (longs) growing by 3,747 contracts to a weekly total of 589,086 contracts in addition to the gross bearish position (shorts) which declined by -32,123 contracts for the week to a total of 877,007 contracts.

The net speculative bearish position had risen for five straight weeks prior to this week’s pull back. The overall speculator sentiment has now been in bearish territory for seventy-two consecutive weeks dating back to December of 2017.

Despite the recent bearish streak, the speculator positioning still remains a long way from the bearish levels of the August-to-October 2018 period which notched negative positions of more than -700,000 contracts (chart below).

10-Year Note Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 249,014 contracts on the week. This was a weekly drop of -62,587 contracts from the total net of 311,601 contracts reported the previous week.

10-Year Note Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the 10-Year Note Futures (Front Month) closed at approximately $123.66 which was a rise of $0.54 from the previous close of $123.12, 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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Gold Speculators bets rebounded this week as shorts pull back

May 4th – By CountingPips.comReceive our weekly COT Reports by Email

Gold Non-Commercial Speculator Positions:

Large precious metals speculators raised their bullish net positions this week in the Gold futures markets after a couple of down 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 66,219 contracts in the data reported through Tuesday April 30th. This was a weekly rise of 28,824 net contracts from the previous week which had a total of 37,395 net contracts.

The week’s net position was primarily the result of the shorts (gross bearish position) pulling back on their bets by -28,240 contracts this week to a total of 111,056 contracts. The longs (gross bullish position), meanwhile, only  increased their bullish bets by 584 contracts to a weekly total of 177,275 contracts.

The net speculative position had declined for two straight weeks and for three out of the past four weeks before this week’s rebound. The current standing for speculator sentiment is now at the highest level of the past three weeks and has remained in an overall bullish position for twenty-four 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 -88,312 contracts on the week. This was a weekly drop of -30,916 contracts from the total net of -57,396 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 $1285.70 which was an uptick of $12.50 from the previous close of $1273.20, 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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