At the moment, the trading instrument is probably continuing to correct for the past movement from 1970. Plus, the formed liquidity pool indicates to us a likely decrease in the value of the trading instrument, for further growth according to bullish sentiment based on CoT reports.
The CoT data for gold reflects bullish sentiment, with a 3% increase in buyers and an 8% increase in market capitalization. After a 3-week break, traders resumed building up their net position on rising prices.
Data from CoT reports on the dollar index (USDX) reflects the growth of bearish sentiment on the US currency. After a 2-week build-up, traders reduced their net position on USD growth. At the same time, the net position again began to approach the levels that were the lowest over the past 22 months. Continuation of this trend may contribute to the decline of the US currency.
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.
HH - Higher High.
HL - Higher Low.
OB - Order block.
$$$ - Liquidity.
CHOCH - Trend change.
BOS - Violation of the structure.
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