GOLD

From the daily point of views, the price was created an equal high with the previous high, after the equal high, a higher chance to create another inverted head and shoulder, since we already have the clear left shoulder and head.

From the hedge funds' point of view, they are bullish bias on gold on the longer-term perspectives. In today new report, they were added around 2.1k of short positions and closed 8.2k of short positions on gold. during the gold move to the upside, more short added and long closed, this implied they are actually accumulating their short positions in order to sell at the higher price. So we may see a push to the downside to the right shoulder area.

The proper way to approaching this pair is to wait for the right shoulder formed and looking for any downside rejection, then we only can look for the long setup. Price may fail to create the right shoulder and continue to push to the downside.

The result might not follow my analysis, and this analysis is based on the technical and COT perspective.

Comment below let me know your views on gold.