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Gold Speculators Dropped Bullish Bets For Fourth Straight Week After Record High

By Zachary StorellaCommoditiesMar 22, 2020 03:50AM ET
www.investing.com/analysis/gold-speculators-dropped-bullish-bets-for-4th-straight-week-after-record-high-200518008
Gold Speculators Dropped Bullish Bets For Fourth Straight Week After Record High
By Zachary Storella   |  Mar 22, 2020 03:50AM ET
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Gold - COT Futures Large Trader Positions
Gold - COT Futures Large Trader Positions

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).

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 - COT Futures Large Trader Positions
Gold - COT Futures Large Trader Positions

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.

Gold Speculators Dropped Bullish Bets For Fourth Straight Week After Record High
 

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Gold Speculators Dropped Bullish Bets For Fourth Straight Week After Record High

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