Based on the Commitments of Traders data reported on: March1st 2022
#GOLD the weekly chart penetrated through with an emotional wick and now price is heading back upwards. Will it penetrate with institutional trading or not, this is now the question.
On the 3 month chart, we have always mentioned how we had a 3 month bearish engulf that was formed and that we should keep an eye on that. Why? Because bearish engulfs typically signal a bearish move until a demand is contacted and with this chart only a switch zone was contacted. Maybe the switch zone is enough?
#OIL banks are adding to their longs again 🔴 LIVE time meaning they came into the markets and decided to take price off course from what normally would take place in this circumstance. We had observed profit taking on long positions at a supply area and now they are pushing price upwards through the supply. 3 Month chart needs to close to see if an emotional wick will be created or not.
$EURUSD price dropped right through the monthly demand we had located. The daily demand we were watching got removed and that allowed for price to decline this quickly. The charts are a mess, no trends and so direction will be tough to locate.
#USD monthly supply is being penetrated through but we still should wait to see how this month’s candle closes. If the weekly chart can add anything here it is that we can see the weekly candle closed above the monthly distal line which leads us to suspect that the monthly supply will be removed.
SPECIAL NOTE: The weekly uptrend at this point is of lesser value.
$BITCOIN The weekly demand has been removed. We had noticed it was under attack and then came Goldman Sachs put out a price estimate of 100k. We can now see that Goldman obviously put out that estimate because they wanted to offload their positions. New weekly demand was formed and price dropped into it and on the daily chart a new demand was formed off the reaction to the weekly. Will this propel price higher? It could.
🚨🏆 Win a FREE month tuition paid by us by following us on Twitter @WhiteOakFX and Retweet our links and SHARE our YouTube videos to continue getting them for FREE!
👇📺🚨 Watch a PREVIEW of what students receive 🚨📺👇