Gold Speculators Bullish Positions Continued To Slide Sharply…Drop For 7th Straight Week

CountingPips.com | Weekly CFTC Net Speculator Gold Report

Gold positions drop for seventh week to lowest level since January 2014

GOLD: Gold speculators and large futures traders once again sharply decreased their gold bullish bets last week as gold positions fell for a seventh consecutive 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 Comex gold futures, traded by large speculators and hedge funds, totaled a net position of +53,093 contracts in the data reported through March 17th. This was a weekly change of -28,799 contracts from the previous week’s total of +81,892 net contracts that was registered on March 10th.

The weekly decline in the net speculator positions (-28,799 contracts) was due to a drop in the weekly bullish positions by -9,553 contracts combined with a rise in the weekly bearish positions by 19,246 contracts.

The decrease in the net speculator positions now brings the overall gold speculator level to its lowest standing since January 21st 2014 when net positions totaled +46,583 contracts.

Over the weekly reporting time-frame, from Tuesday March 10th to Tuesday March 17th, the gold price fell from approximately $1,160.10 to $1,148.20 per ounce, according to gold futures price data from investing.com.

Last 6 Weeks of Large Trader Non-Commercial Gold Positions

*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 non-reportable traders (usually small traders/speculators). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).

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