GOLD. Long only.

This week, the trading instrument is likely to continue its upward movement from the 1935-1940 price range, where I will look for a buy pattern.

Gold CoT data reflects bearish sentiment. For the second week, traders are reducing their net position on price growth from the highs of the last 2.5 months, close to the highs of 15 months. At the same time, the net position became the minimum for the last month. Large funds reduced purchases by 4% for the week. Continuation of this trend may contribute to lower prices for the precious metal.
Data from CoT reports on the dollar index (USDX) reflects the growth of bearish sentiment on the US currency. Traders have sharply reduced their net position on the growth of the dollar over the past month (five times). At the same time, the net position last week updated the lows for the last two years. Large funds reduced dollar purchases by 22% in a week, sales were also increased. Continuation of this trend may contribute to the decline of the US currency.

Due to the co-bearish sentiments of GOLD and USDX, I dare to assume that gold worked out the bearish mood as part of the decline to the 1925 price point.

Based on my vision of the market, I can add the following, even if the opinion is wrong, at the moment there is a good opportunity to open a long position with an excellent risk to reward ratio.

Entry into positions is carried out only when a confirming pattern is formed.
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