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๐Ÿฆ๐Ÿ“Š 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 Iโ€™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 weโ€™ll see price decline towards the 10k area.

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