(Kitco news) One factor in gold’s favor, should the market get a fresh bullish catalyst, is the significant reduction in speculative net length among futures traders over the past two months, says Deutsche Bank.
This means more potential for buying than if speculators were already more heavily in the market. “We believe this provides a more supportive positioning environment in the event that U.S. labor market data disappoints and/or the U.S. dollar resumes its weakening trend,” Deutsche Bank says.
As of the most recent data through Feb. 3, the large non-commercial accounts—commonly referred to as the funds—were net long by 149,599 lots for futures and options combined, down 32% from the Feb. 28 five-month high of 221,542.
As of the most recent data through Feb. 3, the large non-commercial accounts—commonly referred to as the funds—were net long by 149,599 lots for futures and options combined, down 32% from the Feb. 28 five-month high of 221,542.
【CFTC Weekly CoTR reports for precious metals; Futures and Option combined】
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