The COT data for gold reflects bullish sentiment, with a 5% increase in buyers and a 7% increase in market capitalization. After a 3-week break, traders resumed building up their net position on rising prices.
Data from COT reports on the dollar index (USDX) reflects the growth of bullish sentiment on the US currency. For the second week, traders are cautiously increasing their net position on the growth of USD from the levels that have been minimal for the last 22 months. Large funds reduced sales by 13% in a week. Continuation of this trend may contribute to the growth of the US currency.
Based on the data of CoT reports and co-directional bullish forces (USDX), (GOLD), there is a high probability of a flat movement of the trading instrument.
At the moment, the trading instrument is likely to continue its upward phase, which is confirmed by the breaking of the previous high at 2048 and fixing above it. But there is a possibility that the nature of this movement is the macroeconomic background of the last week and is a trap for buyers in the form of a false breakout, as well as the growth of bullish sentiment on the gold futures from the summary of CoT reports could also be worked out as part of the price movement over the past week, in addition to all the arguments, we see the price reaction from the OTE zone (marked with a red circle).
Based on my vision of the market, I can add the following: in order to understand the true intention of a trading instrument, we need to see the price action in the range of 2032-2060, where I will look for a market entry point.
Entry into positions is carried out only when a confirming pattern is formed.
Dear friends, if you have any questions about the description, please write in the comments.
CHOCH - Trend change.
BOS - Violation of the structure.
HH - Higher High.
HL - Higher Low.
OB - Order block.
OTE - Optimal Trade Entry (Classic Fibonacci grid, where the price range from 0-50% is the discount zone for purchases, and the values from 50-100% are the premium zone for sales)
Data from COT reports on the dollar index (USDX) reflects the growth of bullish sentiment on the US currency. For the second week, traders are cautiously increasing their net position on the growth of USD from the levels that have been minimal for the last 22 months. Large funds reduced sales by 13% in a week. Continuation of this trend may contribute to the growth of the US currency.
Based on the data of CoT reports and co-directional bullish forces (USDX), (GOLD), there is a high probability of a flat movement of the trading instrument.
At the moment, the trading instrument is likely to continue its upward phase, which is confirmed by the breaking of the previous high at 2048 and fixing above it. But there is a possibility that the nature of this movement is the macroeconomic background of the last week and is a trap for buyers in the form of a false breakout, as well as the growth of bullish sentiment on the gold futures from the summary of CoT reports could also be worked out as part of the price movement over the past week, in addition to all the arguments, we see the price reaction from the OTE zone (marked with a red circle).
Based on my vision of the market, I can add the following: in order to understand the true intention of a trading instrument, we need to see the price action in the range of 2032-2060, where I will look for a market entry point.
Entry into positions is carried out only when a confirming pattern is formed.
Dear friends, if you have any questions about the description, please write in the comments.
CHOCH - Trend change.
BOS - Violation of the structure.
HH - Higher High.
HL - Higher Low.
OB - Order block.
OTE - Optimal Trade Entry (Classic Fibonacci grid, where the price range from 0-50% is the discount zone for purchases, and the values from 50-100% are the premium zone for sales)
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