Based on the Commitments of Traders data reported on: Feb 1st 2022
#GOLD Weekly chart continues to range and the bottom line is we need a weekly uptrend to form to enter long otherwise we wait. On the other hand monthly chart shows evidence that demand might break and cause a drop lower.
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.
#OIL Our monthly target at 92.05 has been hit! Now that this supply zone has been
contacted we have strong reason to believe the banks may start offloading their longs and begin putting on some short positions. For more on this read our blog post.
$EURUSD The $EURUSD contacted some demand that we put up on the chart, the supply we have on the $DXY chart, and when this demand was contacted price reversed up. This came as retail traders went from being mostly long to now being mostly short. Once again traders on the wrong side of the trade. Price is in the range now on the monthly chart.
#USD Monthly supply penetrated deeper and despite the shift in dynamics on the daily chart because of the monthly supply being in play we now see price declining.
$BITCOIN The weekly demand has been removed. We had noticed it was under attack and then came the 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. Price has now rallied upwards into the weekly supply formed by the break of the weekly trend line. Institutional selling could very likely begin from these levels.
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