Gold: Net driving updated the 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 for the purchase of 5.9 thousand contracts until thousand large speculative players reduce a clean position for a fourth week in a row, and for 7 weeks out of 9 weeks. Pure position is minimal since February 8.

Hedgers (Commercial) reduced a clean position for the sale of gold contracts by 4.1 thousand contracts to 227.8 Thousand Heders-operators reduce the clean position also 7 weeks out of the 9th 9th. Open interest increased by 11 thousand contracts to 571.4 thousand. Bull -shaped index of large speculators (the ratio of the number of contracts for the purchase for the sale of contracts) decreased by 0.09 to 3.02 a week.

resumes: COT reports for gold reflect the growth of bear mood. Traders for two months reduce a clean position on rising prices, although the rate of reduction has slowed down in the last week. At the same time, a clean position has updated minimums over the last three months. Large funds reduced purchases by 1.5% per week, sales were also increased. The continuation of this trend can help reduce price for noble metal.

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