COT reports analysis and market overview for Aug 28 - Sep 3 (Gold and silver)

Gold and silver markets remain in triangles. Before the fact of the nearest support or resistance levels breakout, new medium-term positions look unattractive. Previously opened long positions will remain relevant until the market is above the support level of the Daily timeframe, the lows of August 15-16.

Large speculators continue to buy, thus, the probability of breaking through these triangles up remains high. At the same time, it’s desirable to refrain from trading on the Daily timeframe until the market confidently breaks through converging formations.