Gold specs pare bullish bets to lowest level since November

Through Tuesday, April 23, 2019
Charts and commentary courtesy of CountingPips.com
Tables courtesy of GoldSeek

Note: Commitment of Traders reports are published Friday with data from the previous Tues


Gold specs pare bullish bets to lowest level since November

 

Gold Non-Commercial Speculator Positions:

Large precious metals speculators once again lowered 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 37,395 contracts in the data reported through Tuesday April 23rd. This was a weekly decrease of -18,878 net contracts from the previous week which had a total of 56,273 net contracts.

The week’s net position was the result of the gross bullish position (longs) falling by -6,522 contracts to a weekly total of 176,691 contracts while the gross bearish position (shorts) gained by 12,356 contracts for the week to a total of 139,296 contracts.

The speculative net position has decreased for two straight weeks (by a total of -67,969 contracts over that period) and for three out of the past four weeks. The cool off in speculator sentiment has pushed the current standing to the lowest level since November 27th when positions totaled just 1,871 net contracts.

Gold Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -57,396 contracts on the week. This was a weekly advance of 21,034 contracts from the total net of -78,430 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 $1273.20 which was a shortfall of $-4.00 from the previous close of $1277.20, according to unofficial market data.


Silver speculators lower their bets into a new bearish position

 

Silver Non-Commercial Speculator Positions:

Large precious metals speculators continued to reduce their net positions in the Silver futures markets this week into a small bearish standing, 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 Silver futures, traded by large speculators and hedge funds, totaled a net position of -110 contracts in the data reported through Tuesday April 23rd. This was a weekly decrease of -5,995 net contracts from the previous week which had a total of 5,885 net contracts.

The week’s net position was the result of the gross bullish position (longs) declining by -144 contracts to a weekly total of 75,889 contracts while the gross bearish position (shorts) increased by 5,851 contracts on the week to a total standing of 75,999 contracts.

The net speculative position fell for a fourth straight week and for the seventh time out of the past eight weeks. The silver spec standing has now dipped over into bearish territory for the first time since December 4th of 2018 when it ended a streak of seventeen consecutive weeks of bearish positions.

Silver Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -19,992 contracts on the week. This was a weekly gain of 3,680 contracts from the total net of -23,672 contracts reported the previous week.

Silver Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Silver Futures (Front Month) closed at approximately $1479.10 which was a fall of $-12.40 from the previous close of $1491.50, according to unofficial market data.


US Dollar Index Speculators edged bullish bets lower

US Dollar Index Speculator Positions

Large currency speculators lowered their bullish net positions in the US Dollar Index 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 US Dollar Index futures, traded by large speculators and hedge funds, totaled a net position of 28,755 contracts in the data reported through Tuesday April 23rd. This was a weekly decline of -183 contracts from the previous week which had a total of 28,938 net contracts.

This week’s net position was the result of the gross bullish position growing by 6,046 contracts to a weekly total of 49,172 contracts but being slightly overcome by a gain in the gross bearish position by 6,229 contracts for the week to a total of 20,417 contracts.

The net speculator position dipped for a second consecutive week after gaining in the previous two weeks. The current standing remains bullish for USD bets but the overall level has now been under the +30,000 net contract level for six weeks in a row. Previously, bets had been above this threshold for thirty-two consecutive weeks through March 12th.


*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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