🏦📊 Banks Are Getting in Short Gold
Based on the Commitments of Traders data reported on: August 30th 2022
#GOLD watching this one for a continued move lower which I think is in the works right now. The latest sentiment from retail seems to be somewhat bearish which is not what I’d like to see.
Last wee we saw retail becoming more bullish near the lows of price and I was really comforted by this.
Bottom line we need the monthly demand to be taken out for momentum to the downside to really kick in.
#OIL on the monthly chart we seem to have a major supply area that price is reacting to right now. This area stopped price from flying higher and this comes after a 6 month supply was removed.
$EURUSD a significant breakout of the monthly range took place recently. This is very significant because we now have the charts opening up to allow a further decline if proper structures are built to the downside. The monthly may form a downtrend is we get a rally/base/drop with supply formed to support a further drop.
$BITCOIN our forecast on Bitcoin came true; the weekly trend line acted as an obstacle and dropped price. If this trend line holds we’ll see price decline towards the 10k area.
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