Gold Speculators dropped bullish bets for 4th straight week after record high


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Gold Non-Commercial Speculator Positions:

Large precious metals speculators cut back on their bullish net positions in the Gold futures markets again this week after reaching a record high in February, 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 281,916 contracts in the data reported through Tuesday March 17th. This was a weekly change of -17,615 net contracts from the previous week which had a total of 299,531 net contracts.

The week’s net position was the result of the gross bullish position (longs) sinking by -18,885 contracts (to a weekly total of 317,405 contracts) while the gross bearish position (shorts) decreased by just -1,270 contracts for the week (to a total of 35,489 contracts).


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Gold Speculators decreased their bullish bets for the fourth consecutive week this week and by a total of -71,733 contracts over this 4-week period. Bullish bets had previously risen to an all-time record high level of 353,649 contracts on February 18th (CFTC data going back to 1986) before turning lower in the following weeks. Gold bets remain strongly bullish at +281,916 net contracts but are at the lowest level in fourteen weeks.

Gold Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -301,709 contracts on the week. This was a weekly rise of 26,595 contracts from the total net of -328,304 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 $1525.80 which was a shortfall of $-134.50 from the previous close of $1660.30, 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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