Although the dynamism the gold price rally has led in the expired commercial week to new records, the optimism seems to have developed among the speculators at last counter-rotating.
At least the COT report published on the Friday evening (Commitments of of trader) of the Commodity futures Trading Commission (CFTC) points to it. With the number of open contracts (Open Interest) became in the time from the 5th to the 12th of October ein marginal decline of from 617.204 to 616.382 open contracts (-0,1 percent) registered. The accumulated net Long position (optimistic market expectation) of big as small speculators increased to something, namely from 299.498 to 300.022 futures (+0,2 percent). During with the great speculators (Non-Commercials) ein falling optimism was to be observed, the small speculators (Non-Reportables) became clearly optimistic. With the great speculators the net Long position slipped off from 259,620 to 255.874 contracts (-1,4 percent), during with the small speculators (Non-Reportables) ein significant plus of from 39.878 to 44.148 contracts (+10,7 percent) to beech hit.
The air becomes thinner
The growing confidence among the small speculators was due above all to the strong dismantling on the Short page. Specifically the number short to positioned futures of from 27.702 to 23,100 futures fell back, during on the Long page merely ein marginal deficit of from 67,580 to 67.248 contracts had been registered. With the great speculators the falling confidence became apparent as follows: Though on the Long page there was to report a striking increase about from 300.571 to 304.564 contracts, however, this trend positive in itself was compensated by the massive increase of the Short page. Here the Short-ex-bottom sura rose because from 40.951 to 48,690 contracts clearly.
To the most actively traded gold future succeeded in the expired commercial week ein new record high with 1,388.00 dollars (Thursday). On weekly view went up of the Future about two percent on 1.372 dollars. In spite of the mini-correction of Friday one can call the upward trend of the golden price furthermore intact. Care still seems to be right, finally, the timing indicator RSI with more than 76 percent points to an oversold situation.