Gold Speculators Advanced Their Bullish Bets Higher This Week
Zachary Storella | Nov 11, 2018 02:31AM ET
Gold Non-Commercial Speculator Positions:
Large precious metals speculators increased 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 19,026 contracts in the data reported through Tuesday November 6th. This was a weekly advance of 5,832 net contracts from the previous week which had a total of 13,194 net contracts.
This week’s net position was the result of the gross bullish position going up by 387 contracts to a weekly total of 169,141 contracts in addition to the gross bearish position which saw a reduction by -5,445 contracts for the week to a total of 150,115 contracts .
The speculative gold position has improved for three out of the past four weeks. The current standing is now in it fourth straight week of being in bullish territory after spending the previous nine weeks in a bearish position.
Gold Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -38,136 contracts on the week. This was a weekly decrease of -6,931 contracts from the total net of -31,205 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 $1226.30 which was a rise of $1.00 from the previous close of $1225.30, according to unofficial market data.
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