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Banks are taking profits on their positions!

Updated: Jun 17, 2021

Based on the Commitments of Traders data reported on: June 8th 2021

#GOLD contacted the daily supply zone we had mapped out and then price declined. Looking now at retail positions we can see they are even more bullish than last week and this comes right as we are seeing price decline.

Price contacted supply and then we saw a nice decline form. This is what we’ve been expecting. Going in to the new week there is a good chance that a short/mid term move lower will take place. Considering the retail is more long, the banks will likely try to get them to release those positions to them by driving price lower. This is what I am logically concluding by examining the positions and charts.

I also want to point out that there is a switch zone but I am not taking into consideration with the recent analysis as I don’t see reason to consider it at this time. Since there is a good chance that price will reverse from the daily demand zone lower on the charts – should price get down there – I will be looking for H4 momentum shifts off that area for early entry long.

There will be risks involve in this entry as we must anticipate that the banks will drive price upwards from there without proof they want to create an uptrend.

#OIL examining the 3 month chart we can see that price is very strong and is currently in consolidation which – based on what we know to be true about the markets – could provide us with a drop in price at any given moment but for the time being we are seeing supply being removed.

Currently we have the monthly supply coming into play but when I examine why this supply is supply, it leads me down a path of many switch zones which then makes we consider the legitimacy of the supply in question. I want to point this out because I will be considering this going forward as I continue to analyze this chart.

$EURUSD daily supply was contacted and price declined as we had anticipated. Now we have a tested daily demand in play and we are expecting this area to be removed and price to decline further.

Take a look at the positions held by traders now.

Let’s keep in mind that the weekly chart is lacking momentum to the upside at this moment.

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