By CountingPips.com – Receive our weekly COT Reports by Email
Gold Non-Commercial Speculator Positions:
Large precious metals speculators continued to lift their bullish net positions in the Gold futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Monday due to the Thanksgiving’s Day holiday.
The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totaled a net position of 201,827 contracts in the data reported through Tuesday November 21st. This was a weekly gain of 6,743 contracts from the previous week which had a total of 195,084 net contracts.
Speculative positions have now risen for three out of the last four weeks and the overall bullish level is back above the +200,000 contract threshold for the first time since October 17th.
Gold Commercial Positions:
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The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -225,056 contracts on the week. This was a weekly drop of -9,265 contracts from the total net of -215,791 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the GLD ETF, which tracks the price of gold, closed at approximately $121.51 which was a loss of $-0.05 from the previous close of $121.56, 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