Gold Speculators bullish positions dipped, down for 2nd week2nd June 2019
June 1st – By CountingPips.com – Receive our weekly COT Reports by Email
Gold Non-Commercial Speculator Positions:
Large precious metals speculators lowered 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 86,688 contracts in the data reported through Tuesday May 28th. This was a weekly change of -2,117 net contracts from the previous week which had a total of 88,805 net contracts.
The week’s net position was the result of the gross bullish position (longs) dropping by -9,165 contracts (to a weekly total of 194,463 contracts) while the gross bearish position (shorts) declined by -7,048 contracts for the week (to a total of 107,775 contracts).
The net speculative position slid lower for a second straight week after dropping by -35,731 contracts last week. Gold positions had been on a nice bullish streak and reached an eleven-week high on May 14th before turning lower. Currently, the speculator standing remains in a modest bullish level although under the +100,000 contract level for a second week.
Gold Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -109,954 contracts on the week. This was a weekly decline of -2,016 contracts from the total net of -107,938 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Gold Futures (Front Month) closed at approximately $1277.10 which was an uptick of $3.90 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).
Article By CountingPips.com – Receive our weekly COT Reports by Email
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