🏦 Are the Banks about to take 💰 Profits on something?
Based on the Commitments of Traders data reported on: October 25th 2022
#GOLD price is sitting at the lows and not really moving from there. Traders are getting back into longs once again and this week they pushed price lower. Still sitting within a lower timeframe range. On the daily chart we had two zones removed one supply then the demand which puts this in a range. Need daily demand out for more downside.
#OIL declined drastically from highs of $120 to lows of $80 and now rallying again from an institutional weekly demand zone. As it rallied it formed new demand by removing a weekly supply. This chart is very unpredictable at this time without any proper structures to base direction off of. Not looking to take any trades on oil.
$EURUSD dropped on the charts until some substantial supply started pushing the dollar downward and the $eurusd upwards. Price has been rallying upwards until the markets reversed and now price is again dropping. Retail sentiment has remained mostly long during this time which is untypical behaviour. I’ll be watching this one closely as I have intentions to get into a short position but I don’t want to get into it until the time is right. Having retail traders long is definitely a plus.
$BITCOIN made it to the opposite side of the descending trend line and we have some basing candles that were formed at the break of the trend line so watching to see is momentum continues upwards here with this week and so for we have a little. Does this mean we’ll see prices head higher, not exactly but medium term we could see a rally because weekly demand in play and trend line is broken through. 🔴 Bearish bias ⏰longer term.
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