Gold: Net driving fell to a 3-month bottom
according to COT (Commitements of Traders), provided by the commercial trade in commodity futures (CFTC) – for a week that ended in the last Tuesday, large speculators (Non -Commercial) reduced a clean position to buy gold contracts at 18.9 thousand contracts until 199.2 thousand large speculative players reduce a clean position for the third week in a row, and already 6 weeks out of the last 8. A clean position has become minimal since February 8.
Hedgers (Commercial) reduced a clean position on the sale of gold contracts by 17.4 thousand contracts Until 231.9 thousand heders-operators reduce the clean position also 6 weeks out of the last 8. Open interest increased by 2.7 thousand contracts to 560.4 thousand. Bull -shaped index of large speculators (the ratio of the number of contracts for the purchase for the number of contracts for sale) decreased by 0.25 to 3.11 per week.
COT reports for gold reflect the growth of bear mood. Traiders have been reducing a clean position for rising prices for almost two months. At the same time, the clean position has become minimal over the past three months. Large funds reduced purchases by 6% For a week, sales were also increased. The continuation of this trend can help reduce price for noble metal.