GOLD

From the daily perspective, the price was reached the previous high and expect a short downside retracement form this area before it going to the upside.

From the COT perspective, hedge funds are closing both long and short positions on the gold, meaning they are not interested in short and long on gold right now, but we can see gold is starting to push to the downside from the lower timeframe, this implied that they are only willing to buy at the lower price.

From the 4h perspective, price action seems like creating a cup and handle pattern and completed W formation, the neckline of W formation a.k.a previous resistance now turned support is correlated with the handle part.

I will be monitoring the 4h price action inside the yellow circle area, if there has shown any confirmation inside this area, then I will take a long position on gold or buy when the price breakout the handle.

Remember, always reacting to the market instead of predicting the market, this analysis is based on technical and COT perspective.

Comment down below and let me know your thought.