By CountingPips.com | Weekly CFTC Net Speculator Gold Report
Gold positions sees sharp gain for a second week
GOLD: Large traders and futures market speculators pushed their overall bullish bets in gold higher last week for a second consecutive week and brought bullish levels to the highest standing since August, 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 +114,862 contracts in the data reported through December 9th. This was a weekly change of +25,532 contracts from the previous week’s total of +89,330 net contracts that was registered on December 2nd.
Last week’s gain in the net speculator positions (+25,532 contracts) was due to an increase in gold bullish positions by +16,226 contracts which combined with a decrease in the weekly bearish positions by -9,306 contracts.
The overall gold position has now reached the highest level since August 19th when overall net bullish positions totaled +137,976 contracts.
Over the weekly reporting time-frame, from Tuesday December 2nd to Tuesday December 9th, the gold price rose from approximately $1,199.40 to $1,232.00 per ounce, according to gold futures price data from investing.com.
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Last 6 Weeks of Large Trader Non-Commercial Gold Positions
| Date | Open Interest | Long Specs | Short Specs | Net Non-Commercials | Weekly Change | Gold Price |
| 11/04/2014 | 417377 | 176899 | 113674 | 63225 | -37514 | 1167.70 |
| 11/11/2014 | 443422 | 177268 | 121225 | 56043 | -7182 | 1163.00 |
| 11/18/2014 | 459657 | 187955 | 106533 | 81422 | 25379 | 1197.10 |
| 11/25/2014 | 388145 | 167394 | 91187 | 76207 | -5215 | 1197.80 |
| 12/02/2014 | 368121 | 170635 | 81305 | 89330 | 13123 | 1199.40 |
| 12/09/2014 | 375323 | 186861 | 71999 | 114862 | 25532 | 1232.00 |
*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 – Forex Trading Apps
