Banks took 💰 profits just as we predicted!
Based on the Commitments of Traders data reported on: June 22nd 2021
#GOLD dropped very nicely and once again retail traders have been caught holding long positions. As their positions move into the red we have price slowly coming to a halt.
Looking at the daily chart we can see that price has dropped through multiple demand zones which tells me that this chart is not the chart in play.
Looking at the weekly chart we can see that a demand zone was removed as well. This is a bit odd as we would have suspected this demand zone as the one that would hold but then
again this weekly chart has a lot price action that leads to many questions.
#OIL keeps on pushing upwards with strong momentum and until it shifts downwards we should anticipate more upside to come. Traders are mostly short, which is not the direction they should be focused on.
Price is now inside a supply zone that we expect to see removed which will open the chart for a move much higher to come over the very long term.
Currently we have the monthly supply coming into play but when I examine why this supply is supply, it leads me down a path of many switch zones which then makes we consider the legitimacy of the supply in question. I want to point this out because I will be considering this going forward as I continue to analyze this chart.
$EURUSD price declined as we had forecasted with the tested daily demand being removed and price dropping toward the weekly demand zone.
Take a look at the positions held by traders before and now.
On the weekly chart we’d expect to see the weekly area of demand be contacted first before we see any type of momentum to the upside.
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