COT Report: Gold Bulls Hanging On By A Trend Line

The chart and data that follow highlight non-commercial commodity futures trading positions as of July 10, 2018.

This data was released with the July 13 COT Report (Commitment of Traders). Note that this chart also appeared on my blog.

The chart below looks at non-commercial futures trading positions for Gold futures. For the week, the Gold spot price declined by -1.2%, with ETFS (NYSEARCA:GLD / NYSEARCA:IAU) dropping similarly.

Here’s a look at Gold futures speculative positioning. Scroll further down for commentary and analysis.

Gold prices closed the week sitting on an important trend line.

What’s next? Let’s look at the COT data and technicals…

Gold Futures: Currently net long 81.4k, up 3.1k.

gold cot report july 13 commitment of traders positions analysis

Money flows continue to move in the wrong direction for Gold.  Looking at the Gold ETFS, both GLD and IAU lost $167 million and $79 million respectively through the week ending Wednesday (courtesy of Gold bulls are holding out hope that the trend line from 2015 holds its ground… it’s currently hanging on… barely.

The up-trend line got a pretty good test last week, closing right on it. This week will be interesting. Until that line i Gold deserves the benefit of the doubt.

Twitter: @hedgopia

Author may hold a position in mentioned securities at the time of publication.  Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

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