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Over the past week, the COT (Commitments of Traders) report for gold shows a confident build-up of a long position by large speculators. The buy position increased to 199.4 thousand contracts.
At the same time, hedgers are increasing their short position for the fourth week in a row and its total volume reached 228.8 thousand contracts.
Open interest rose to 500.2 thousand contracts.
Overall, the data suggests bullish sentiment for the precious metal. The long position has been increasing during the month and has reached the maximum in the last 2 months. At the same time, the short position, which was opened by large funds, is decreasing. All this signals the continuation of the upward trend in XAUUSD.
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