Gold Non-Commercial Speculator Positions:
Large precious metals speculators reduced 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 1,871 contracts in the data reported through Tuesday November 27th. This was a weekly fall of -7,025 net contracts from the previous week which had a total of 8,896 net contracts.
This week’s net position was the result of the gross bullish position tumbling by -8,727 contracts to a weekly total of 156,779 contracts compared to the gross bearish position which fell by just -1,702 contracts for the week to a total of 154,908 contracts .
The net speculative position has now declined for two out of the past three weeks and into a very small bullish position. The current standing is at its lowest level since it was in bearish territory two weeks ago.
Gold Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -16,100 contracts on the week. This was a weekly gain of 7,040 contracts from the total net of -23,140 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Gold Futures (Front Month) closed at approximately $1219.90 which was a drop of $-1.30 from the previous close of $1221.20, according to unofficial market data.
Add a Comment
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.