Gold Surge: Preparing for a Possible Pullback at Supply Zone

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Throughout August, gold has steadily risen in value, experiencing only minor retracements along the way. Currently, the price is approaching a significant daily supply zone, situated at the top of the market. Recent data indicates that non-commercial traders have been increasing their short positions over the past few weeks, hinting at a potential capitulation or liquidation of positions soon. Meanwhile, retail investors continue to push longs, whereas commercial traders remain positioned more neutrally, gradually adding to their holdings. Moving forward, I will closely monitor the next supply zone, as it could present an ideal opportunity to initiate a short position, capitalizing on potential market exhaustion at this resistance level.


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