COT REPORT GOLD & XAUUSD TECHNICAL ANALYSIS

COT Report GOLD and XAUUSD Chart (TA)Feb. 23, 2022

GOLD COT REPORT

In the last three weeks, we saw Net Position increasing from 172.142 to 213.613, so the COT Report of gold looks bullish for now, so I think the price of XAUUSD will continue to go higher. That doesn’t mean we can’t see a correction, because this is just exactly what I am expecting to happen.

Let’s go further and see the XAUUSD chart

XAUUSD (TA)

Looking at the XAUUSD weekly chart, we see that the price is in the resistance zone. That’s why I am expecting to see a rejection from here. On the Weekly time-frame, the price just created a new high, meaning we could continue to go higher, but not before starting a correction (retracement).

XAU USD Long Position

I am waiting for the price to go to the 1865 – 1835 zone before searching for a good entry for going long. So, if gold doesn’t retrace to the zone I mentioned, I will consider this long opportunity as missed.

Update…

GOLD (TA) CHART UPDATE Feb. 25, 2022

XAUUSD (TA) UPDATE

Here we are two days later and with only 8 hours left until we close the weekly candle. Until now, everything looks as expected with a massive rejection and with a higher probability of seeing a correction next week. Let’s wait until later today when the cot data is released. I will make another update after the cot report of gold is published.

Last but not least

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