Gold: bulls woke up?

according to COT (Commitements of Traders), provided by the commercial trade futures trading commission (CFTC) – for a week that ended in the last Tuesday, large speculators (Non -Commercial) increased the pure position for the purchase of gold contracts by 36.3 thousand contracts to thousand large speculative players increased the clean position for the purchase after a 7-week reduction. A pure position began to grow from levels minimal since April 23, 2019.

Hedgers (Commercial) increased the clean position for the sale of gold contracts by 34.4 thousand contracts up to 96.5 thousand hedgers-operators increased the clean position for sale also after a 7-week reduction. Open interest decreased by 20 thousand contracts to 437.1 thousand. The bull -free index of large speculators (the ratio of the number of contracts for the purchase for sale contracts) increased by 0.35 to 1.69 per week.


data from COT reports for gold reflect the growth of bull moods. After a 7-week reduction, the traders markedly increased a clean position for rising prices. At the same time, a clean position began to grow From levels minimal over the past 3.5 years. The continuation of this trend can contribute to the increase in price for noble metal.

at the same time, the data of the last report could be distorted due to the monthly exposition of futures (when they close the positions on the near expiring contract). However, large speculators increased purchases by 4% per week.

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