Gold specs bullish positions dip, down for second week

Through Tuesday, May 28, 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 Tuesday.

Gold speculators bullish positions dipped, down for 2nd week

 

Gold Non-Commercial Speculator Positions:

Large precious metals speculators 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 86,688 contracts in the data reported through Tuesday May 28th. This was a weekly change of -2,117 net contracts from the previous week which had a total of 88,805 net contracts.

The week’s net position was the result of the gross bullish position (longs) dropping by -9,165 contracts (to a weekly total of 194,463 contracts) while the gross bearish position (shorts) declined by -7,048 contracts for the week (to a total of 107,775 contracts).

The net speculative position slid lower for a second straight week after dropping by -35,731 contracts last week. Gold positions had been on a nice bullish streak and reached an eleven-week high on May 14th before turning lower. Currently, the speculator standing remains in a modest bullish level although under the +100,000 contract level for a second week.

Gold Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -109,954 contracts on the week. This was a weekly decline of -2,016 contracts from the total net of -107,938 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 $1277.10 which was an uptick of $3.90 from the previous close of $1273.20, according to unofficial market data.


Silver speculators pushed their bets further into bearish territory

 

Silver Non-Commercial Speculator Positions:

Large precious metals speculators continued to add to their bearish net positions in the Silver 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 Silver futures, traded by large speculators and hedge funds, totaled a net position of -22,409 contracts in the data reported through Tuesday May 28th. This was a weekly change of -7,747 net contracts from the previous week which had a total of -14,662 net contracts.

The week’s net position was the result of the gross bullish position (longs) tumbling by -1,819 contracts (to a weekly total of 73,663 contracts) while the gross bearish position (shorts) increased by 5,928 contracts for the week (to a total of 96,072 contracts).

The net speculative position fell for a fourth straight week and for the eighth time out of the past nine weeks.

Silver positions had come off the mat sharply after the last time they were negative in the fall (into early in December). Rising to +58,313 contracts on February 26th marked the high-point in the last run-up from late December. The sentiment and market price have both now quickly dropped back down to their lowest levels since the prior negative period.

Silver Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 1,115 contracts on the week. This was a weekly advance of 6,298 contracts from the total net of -5,183 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 $1432.00 which was a shortfall of $-9.00 from the previous close of $1441.00, according to unofficial market data.


US Dollar Index speculators edged bets higher

US Dollar Index Speculator Positions

Large currency speculators slightly lifted their 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 27,098 contracts in the data reported through Tuesday May 28th. This was a weekly rise of 386 contracts from the previous week which had a total of 26,712 net contracts.

This week’s net position was the result of the gross bullish position dropping by -1,481 contracts (to a weekly total of 41,919 contracts) while the gross bearish position fell by -1,867 contracts for the week (to a total of 14,821 contracts).

Speculator positions edged higher for a second week after having previously fallen for four out of the previous five weeks. Despite another week’s slight uptick, the recent trend of the USD Index bets steadily trending downward remains intact.


*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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