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November 4, 2021

Big Money Moving Back In Gold?

Frank Cabibi

11/4/2021

Last week's Commitment of Traders Report (COT) showed a noticeable increase in the number of long contracts as well as a decrease in the number of short contracts. The metal is up 1.41% at the time of writing this.

Our outlook

There are lots of things going for gold from a fundamental standpoint, but the metal has yet to perform which is kind of frustrating to the bulls who have several reasons for gold to keep rising. COT is another reason, but there are some things that need to happen on the technical side for the metal to prove that its got enough momentum to keep pushing higher.

Trade Setups

XAUUSD

On the 1D chart, price action doesn't look promising right now. We broke under a rising trend line and have been ranging from there, however, price is now above the 50 DMA. What would look promising for the metal is if it could break out of the $1700s and remain above the 200-day MA. A close above that moving average could be enough to bring gold up to the $1820-30s level and test resistance again.

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