GOLD. The beginning of the correction is confirmed.

At the moment, the trading instrument has probably entered a correctional phase, which is confirmed by the breakdown of the ascending structure at the 1981 point and consolidation below it.

Gold futures CoT reports reflect some growth in bearish sentiment, namely a decrease in buyers by 2% and a reduction in market capitalization by 6%. After a monthly increase, traders slightly reduced their net position for rising prices, and this tells us about profit taking.
COT report data on the dollar index (USDX) reflects the growth of bullish sentiment on the US currency (especially among hedgers). Large speculators actively reduced selling and buying, which led to a slight increase in the net position for USD growth. Hedgers began to build up positions on the growth of the American. At the same time, the net position began to grow from levels that were minimal over the past almost 22 months. Continuation of this trend may contribute to the growth of the US currency.

Based on my vision of the market, I can add the following: in order for the price to continue its downward movement, we need to see growth in the area of the last high of 2048, where I will look for a sell entry point.

Entry into positions is carried out only when a confirming pattern is formed.
Dear friends, if you have any questions about the description, please write in the comments.

CHOCH - Trend change.
BOS - Violation of the structure.
OB - Order block.
OF - Order flow.
FVG - Fair Value Gap, Inefficient Pricing.
HH - Higher High.
HL - Higher Low.