Despite The Rise In The Gold Price, Gold Speculators Did Something Very Strange Last Week
Wednesday, March 29, 2017 at 09:57PM
Silver Prices

Summary

The gold price rose 3% during the last COT reporting period.

Despite that large rise in the gold price, speculative longs only added a little over 17,000 contracts which is lower than we would have expected.

Surprisingly, speculative shorts added to their short positions during this large rise in the gold price which is very unusual.

Despite the rise in the net speculative long position, the historical net speculative position in gold remains low.

Speculative US Dollar traders added to their own net long position in the USD to the highest levels since January, which is USD-bearish and gold-positive for contrarians.

The latest Commitment of Traders (COT) report showed a decent increase in speculative long positions, which was expected due to this report's inclusion of last week's change in gold post-Fed meeting. But surprisingly enough, this report showed that speculative shorts increased their positions despite the 3% rise in gold during the COT week

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