This week, the trading instrument is likely to continue its upward movement.
Gold CoT data reflects bearish sentiment. Traders have been reducing their net position on rising prices for more than a month now. At the same time, the net position has updated the levels, the minimum for the last 5.5 months. Large funds increased their sales by 11% in a week, purchases were also reduced. Continuation of this trend may contribute to lower prices for the precious metal.
Data from CoT reports on the dollar index (USDX) reflect some growth in bearish sentiment on the US currency. Traders actively increased their sales and purchases, which led to a slight reduction in the net position for the growth of the dollar. At the same time, the net position began to again approach the levels that were minimal over the past more than two years. Continuation of this trend may contribute to the decline of the US currency.
Due to the co-directional bearish sentiment of GOLD and USDX, I dare to assume that this phenomenon was worked out within the 1885-1900 price range.
Based on my vision of the market, I can add the following, on August 17 we updated the minimum value, where traders were working on a breakdown with an expected further decline, which did not happen, moreover, the price reversed and went up, if at the moment we are in a downward correction movement from 1987, then it is important to observe the price action upon reaching the price mark of 1936, or we have changed the trend and are already going to 2000, which suits me more, moreover, open interest has outweighed the shorts, which for me is a buy signal, since The market always goes against the crowd.
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.
Gold CoT data reflects bearish sentiment. Traders have been reducing their net position on rising prices for more than a month now. At the same time, the net position has updated the levels, the minimum for the last 5.5 months. Large funds increased their sales by 11% in a week, purchases were also reduced. Continuation of this trend may contribute to lower prices for the precious metal.
Data from CoT reports on the dollar index (USDX) reflect some growth in bearish sentiment on the US currency. Traders actively increased their sales and purchases, which led to a slight reduction in the net position for the growth of the dollar. At the same time, the net position began to again approach the levels that were minimal over the past more than two years. Continuation of this trend may contribute to the decline of the US currency.
Due to the co-directional bearish sentiment of GOLD and USDX, I dare to assume that this phenomenon was worked out within the 1885-1900 price range.
Based on my vision of the market, I can add the following, on August 17 we updated the minimum value, where traders were working on a breakdown with an expected further decline, which did not happen, moreover, the price reversed and went up, if at the moment we are in a downward correction movement from 1987, then it is important to observe the price action upon reaching the price mark of 1936, or we have changed the trend and are already going to 2000, which suits me more, moreover, open interest has outweighed the shorts, which for me is a buy signal, since The market always goes against the crowd.
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.
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