Gold Long
Looking to long gold on an impulse correction pattern.
Currently trading all time highs and consolidating (gathering liquidity), gold is highly likely to keep moving up at this point in time for a number of geopolitical tension reasons and rate cuts just around the corner.
Currently the COT non-commercial data is showing gold longs in institutions are at extreme highs right now. See here: cotperspective.com/commodityexchangeincgoldnoncommercial.html
This indicates funds are currently very bullish on the metal and therefore the big players are likely to move the market more to the upside. A
I will be waiting for a clean break of 2532 and some and await the pullback with my entry being near to 2525, price action dependent. A clean break of 30 on Silver will indicate the metal market is now in motion for more potential upside. I will update this idea closer to the time with further confluence.
Catch you later traders ▲
Currently trading all time highs and consolidating (gathering liquidity), gold is highly likely to keep moving up at this point in time for a number of geopolitical tension reasons and rate cuts just around the corner.
Currently the COT non-commercial data is showing gold longs in institutions are at extreme highs right now. See here: cotperspective.com/commodityexchangeincgoldnoncommercial.html
This indicates funds are currently very bullish on the metal and therefore the big players are likely to move the market more to the upside. A
I will be waiting for a clean break of 2532 and some and await the pullback with my entry being near to 2525, price action dependent. A clean break of 30 on Silver will indicate the metal market is now in motion for more potential upside. I will update this idea closer to the time with further confluence.
Catch you later traders ▲
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