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Net bullish positions in Gold drop after 6-week of gains

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The data released by the Commodity Futures Trading Commission showed the speculators reduced their overall bullish bets in gold last week following six weeks of gains.

    The non-commercial futures contracts of Comex gold futures, traded by large speculators and hedge funds, witnessed a weekly change of -41,092 contracts to total a net position of +116,342 contracts for the week ended Nov 3rd. The weekly bullish positions fell by -31,201 contracts and the weekly bearish positions rose by 9891 contracts.

    The commercials, hedgers or traders engaged in buying and selling for business purposes, trimmed their overall bearish positions to a net total position of -124,988 contracts.

    The drop clearly represents position adjustment following the hawkish surprise offered by the Fed in the late October.
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