Based on the Commitments of Traders data reported on: August 4th 2020
📊 In the Markets: What a #GOLD (2034) market it has been. Price reached 2075 very quickly and this is coming as long positions are starting to become aggressive and shorts are starting to be added. There is going to be a pullback at some and as I’ve been saying, timing the pullback is next to impossible at this point as we are dealing with a live market which is not responding to previous zones. Demand on lower timeframes have been hitting and rallying but this will come to an end.
We also have the #EURUSD (1.1787) hitting near all-time high long positions again and this
will lead us to suspect that a drop is very imminent. Price has also hit a weekly supply area so this is in line with our expectations as well. Momentum shifts are already starting to take place on the #Dollar (93.39) as well.
We went over the #USDCAD (1.3383) in some detail in a recent session and we determined that a rally to the 1.33’s was possible and this has taken place. We also noted how shorting at these levels would be very dangerous. We do expect more downside to come at some point but there is strong chance a rally will form from here.
The market is setting up for some explosive moves and we have some trade signals already present and they have been noted here: https://www.whiteoakfx.com/forum/trade-signals. These are exciting times right now and we are ready and waiting to take advantage of the bigger moves that are coming!
🎩 Magic Trader!
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