By CountingPips.com | Weekly CFTC Net Speculator Gold Report
Speculator Positions edged higher for a 2nd week, Gold has a strong week
GOLD: Large speculators and futures market traders slightly pushed their overall bullish bets in gold higher for a second straight week last week following six weeks of decrease that brought levels to the lowest point in almost four months, 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 +66,447 contracts in the data reported through October 7th. This was a weekly change of +1,577 contracts from the previous week’s total of +64,870 net contracts that was registered on September 30th.
The weekly increase in the net spec positions (+1,577) last week was due to a rise in the bullish positions by 3,000 contracts which offset an increase in the weekly bearish positions of 1,423 contracts.
Over the same weekly reporting time-frame, from Tuesday September 30th to Tuesday October 7th, the gold price inched higher from approximately $1,211.60 to $1,212.40 per ounce, according to gold futures price data from investing.com.
The second straight weekly increase in the speculator positions suggests that gold positions may have reached a short-term stabilization level while the gold price also showed a base of support around the major $1,200 per ounce level. Gold ended the week strongly with a weekly rise by approximately $31.70 for a 2.66% weekly advance to $1,223.30.
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Last 6 Weeks of Large Trader Non-Commercial Positions
| Date | Open Interest | Long Specs | Short Specs | Net Non-Commercials | Weekly Change | Gold Price |
| 09/02/2014 | 371515 | 172522 | 75643 | 96879 | -16290 | 1265.00 |
| 09/09/2014 | 384341 | 177555 | 82414 | 95141 | -1738 | 1248.50 |
| 09/16/2014 | 386080 | 170749 | 98562 | 72187 | -22954 | 1236.70 |
| 09/23/2014 | 385788 | 170382 | 106498 | 63884 | -8303 | 1222.00 |
| 09/30/2014 | 379874 | 171075 | 106205 | 64870 | 986 | 1211.60 |
| 10/07/2014 | 380087 | 174075 | 107628 | 66447 | 1577 | 1212.40 |
*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 nonreportable traders (usually small traders/speculators). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).
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