Based on the Commitments of Traders data reported on: August 9th 2022
#GOLD has dropped considerably over the last few months. We saw this coming and expected it. We watched as retail traders entered into a considerable long position until they eventually took their losses and got into short positions at the lows. Currently the sentiment on myfxbook shows retail is still short.
Weekly supply is now in play and we are watching to see if momentum starts shifting downwards. We’d like to see this on the daily chart but there is no structure to support this.
#OIL on the 6 month chart we have the dimension of the current candle (1) very similar to what was formed (2) the 2nd half of 2021. So there is still a chance that this candle for be basing in preparation for the next major move but we’d need to see price rally from these lows to finish off the year.
The weekly chart of #OIL is the chart I’m watching for bullish or bearish signals and the weekly demand zone has been removed. Although with $BRK our “friend” at Berkshire buying up OIL stocks there is a good chance that price will break to the upside. If Intermarket Analysis comes into play here then there is a better chance #OIL will drop in price and then at the lows the stock markets will start to rally.
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