The large drop in the August contract open interest (61,257) is to be expected since this is 'roll week' and those who are not standing for delivery will have to close their positions by Thursday night.
The new positions or 'rolls' into the October and December contracts totaled 40,372.
Recall that this was also an option expiration week.
Overall there was a net loss of 21,894 contracts.
It is too soon to tell if this was a capitulation that blew out the weak hands, but it looks as though it might have been one. The momentum traders will likely stand on the sidelines until gold can clear 1180, which was prior support. Traders have their eyes on the 200 DMA which is around 1145.
Comex Daily Bulletin #144
