October 26th – By CountingPips.com – Receive our weekly COT Reports by Email
Gold Non-Commercial Speculator Positions:
Large precious metals speculators 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 259,132 contracts in the data reported through Tuesday October 22nd. This was a weekly gain of 6,105 net contracts from the previous week which had a total of 253,027 net contracts.
The week’s net position was the result of the gross bullish position (longs) advancing by 3,547 contracts (to a weekly total of 322,917 contracts) while the gross bearish position (shorts) fell by -2,558 contracts for the week (to a total of 63,785 contracts).
Gold speculators added to their bullish bets after dropping their positions sharply over the previous three weeks (3-week total decline of -59,417 contracts). This week’s modest rise pushes the bullish standing close to the +260,000 net contract level but remains quite a ways off the recent three-year high of +312,444 contracts on September 24th.
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Gold Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -295,357 contracts on the week. This was a weekly shortfall of -7,082 contracts from the total net of -288,275 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 $1487.50 which was a boost of $4.00 from the previous close of $1483.50, 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).
Article By CountingPips.com – Receive our weekly COT Reports by Email
