š¦BANKS takešprofits on GOLD š¢Longs
Based on the Commitments of Traders data reported on: November 30th 2021
#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 Weekly demand was removed and now tested monthly demand is in play. On watch.
$EURUSD Weekly supply came into play and the move lower we expected took place. The weekly resistance target at 1.1302 has been hit.
#USD The weekly demand came into play and pushed price upwards as we had suspected. Targets hit and now we have major supply in play.
$BITCOIN Dropped from the 55k down to the 30k mark which is exactly what we had forecasted and then our targets at 52k were hit. We are now watching for the top to be surpassed and a drive in price to the 100k. New ETF created for Bitcoin investors. We should be seeing more manipulation of price going forward and we sure have with a drop to the weekly demand.
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