XAU/USD Sell idea.
Although gold prices are generally bullish for the long term, corrections do occur even in a bullish market, and after a liquidity grab, the market tends to resume its trend. Keeping this in mind, I foresee gold moving towards a selling phase over the next few weeks. So far, the price action of gold is aligning well with the sell model, but I will be closely watching the grey highlighted area for entering a sell position. According to the CFTC's COT report, commercial traders currently have more short positions open compared to long positions.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.