By CountingPips.com
GOLD Non-Commercial Positions:
Gold speculator and large futures traders decreased their gold bullish positions last week for a second straight week and pushed speculative positions to their lowest level in five weeks, 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 Comex gold futures, traded by large speculators and hedge funds, totaled a net position of +285,911 contracts in the data reported through July 19th. This was a weekly change of -11,552 contracts from the previous week’s total of +297,463 net contracts that was registered on July 12th.
Gold Commercial Positions:
In the commercial positions for gold on the week, the commercials (hedgers or traders engaged in buying and selling for business purposes) trimmed their overall bearish positions for a second week to a net total position of -315,477 contracts through July 19th. This was a weekly change of +9,975 contracts from the total net position of -325,452 contracts on July 12th.
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GLD ETF:
Over the weekly reporting time-frame, from Tuesday July 12th to Tuesday July 19th, the price of the (GLD) Gold ETF, which tracks the gold spot price, edged slightly higher from approximately $127.15 to $127.21, according to ETF price data of the SPDR Gold Trust ETF (GLD).
*COT Report: The weekly commitment of traders report summarizes the total trader positions for open contracts in the futures trading 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
