Gold Speculators added to their bullish bets for 5th time in 6 weeks

October 11, 2020

By CountingPips.com – Receive our weekly COT Reports by Email

Gold Non-Commercial Speculator Positions:

Large precious metals speculators once again raised 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 248,587 contracts in the data reported through Tuesday October 6th. This was a weekly gain of 4,928 net contracts from the previous week which had a total of 243,659 net contracts.

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The week’s net position was the result of the gross bullish position (longs) rising by 4,816 contracts (to a weekly total of 320,922 contracts) while the gross bearish position (shorts) declined by -112 contracts for the week (to a total of 72,335 contracts).

Gold speculators raised their bullish bets this week for the second straight week and for the fifth time in the past six weeks. The bullish position has added a total of +27,549 contracts over this six-week time-frame which has brought the overall bullish standing to the highest level since July 21st. Speculator sentiment has remained steady for gold as the bullish position has continued to be above the +200,000 net contract level for a total of 69 weeks, dating back to June of 2019.

Gold Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -288,468 contracts on the week. This was a weekly fall of -2,290 contracts from the total net of -286,178 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 $1901.10 which was an increase of $6.80 from the previous close of $1894.30, 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).

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Gold Speculators added to their bullish bets for 5th time in 6 weeks