11/18/2021
If COT continues to show us more buying, we might be able to see a $1900 gold bullion price in the coming weeks. Price is now stalling around the $1860s even though institutions are buying it up.
Our outlook
As inflation fears come back into view and are in the forefront of investors' concerns, we may see more attention on this precious metal. COT is definitely showing us that big money is hedging their bets on riskier plays with long bets on gold. What's important is to keep an eye on COT which will report tomorrow. If we see more long contracts bought and less shorts, we could see a higher gold price next week, or above the $1860s.
Trade Setups
XAUUSD
Gold is stalling here in the $1860s probably due to the heavy resistance level in the way, but price came back up to test this level again. This second test is a bullish sign for the pair as we may see a break to the upside this time. Support still lies under at $1830s with further resistance around $1900.
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