August 18th – By CountingPips.com – Receive our weekly COT Reports by Email
Gold Non-Commercial Speculator Positions:
Large precious metals speculators slightly lowered their bullish net positions in the Gold futures markets this week after a streak of strong gains, 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 290,090 contracts in the data reported through Tuesday August 13th. This was a weekly decrease of -2,455 net contracts from the previous week which had a total of 292,545 net contracts.
The week’s net position was the result of the gross bullish position (longs) sliding by -4,335 contracts (to a weekly total of 346,223 contracts) while the gross bearish position (shorts) declined by -1,880 contracts for the week (to a total of 56,133 contracts).
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Gold speculators took their foot off the gas pedal this week after having risen for nine out of the previous ten weeks and by a total of +205,857 contracts over that period. Overall, the speculator bets continue to be in a very strong bullish position and just below the +300,000 net contract level which has not been reached since June of 2016.
Gold Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -323,727 contracts on the week. This was a weekly uptick of 598 contracts from the total net of -324,325 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Gold Futures (Front Month) closed at approximately $1514.10 which was a rise of $29.9 from the previous close of $1484.20, 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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