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April 19th 2021 - Institutional ๐Ÿฆ Positions & Supply/Demand for Gold, Oil and the FOREX market

Updated: Apr 28, 2021

Based on the Commitments of Traders data reported on: April 19th 2021

#GOLD has been moving based on our expectations recently. We saw the base being formed and then the rally we spoke about has been formed. I also pointed out how the banks tricked retail traders to turn over their long positions to the banks right before the pushed price up to the 1780โ€™s.

Price is now approaching the daily supply zones and the descending trend line we spoke about previously, so moving into this coming week I will be watching to see if momentum continues or retraces.

#USD has contacted the monthly supply zone we had mapped out and now we are seeing a strong push lower from it. The zone below I have coloured in it grey as I expect this zone be

easily removed should the momentum downwards continue. Then weโ€™ll have demand at the 87โ€™s to contend with.

What I will also point out is that on the weekly chart we can see that the weekly demand zone has not been removed but on the #EURUSD the weekly supply has. This leads me to suspect what took place on the #EURUSD chart will eventually take place on the #dollar chart and we should expect the removal of this weekly demand sometime this week. Letโ€™s see as this is not a perfect science.

#AUDUSD contacted the weekly demand and just as we had spoken about we got the move upwards. We have been saying that there is a very good chance we see price build momentum to the upside and move much higher. There is a lack of proper upside momentum on the weekly chart but other factors are building strong evidence for a move higher.

#EURUSD Weekly supply removed, as previously mentioned, and on the daily chart I have outlined some grey zones that I expect to have removed easily if momentum continues upwards. Waiting on a daily uptrend to be established is needed for strong momentum in order to get into a long position.

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