The speculators positions are much smaller now compared to the peak last year in gold. Should be good for gold if they start piling back into the trade. Its been interesting that silver didn't see as big of a drop off as gold did in speculative positions.
Following futures positions of non-commercials are as of February 28, 2017.
Gold: In Monday’s long-legged doji session, the cash did test the 200-day moving average but was rejected. This preceded a 12.5-percent rally from December 15 last year. Come Thursday, it lost shorter-term moving averages. The rising 50-day is 1.8 percent away, and likely gets tested.
At the moment, public seems disinterested. Wednesday, GLD, the SPDR gold ETF, attracted $96 million. This was the first time the ETF saw activity – in or out – in seven sessions (courtesy of ETF.com).
As well, non-commercials took net longs to a 14-week high, but was no help to the metal.
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