Based on the Commitments of Traders data reported on: August 10th 2021
#GOLD Still holding the monthly demand zone and now rallying upward very aggressively. A new downtrend has been formed on the daily chart which is significant because should the supply hold at 1804 then we could expect more downside which could lead to the monthly demand being removed BUT should it be removed we will receive a daily momentum shift upwards potentially forming.
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 trend line broke but no opposing demand removed yet, this spells weakness for a move lower to take place. As long as this demand holds we could get a move upwards begin to form. Watching this zone for now.
$EURUSD The daily demand was removed and produced supply and a downtrend BUT this could be setting up from a momentum shift to the upside. My latest analysis revealed that traders are mostly short right now which tells me that the banks successfully lured them into those positions.
We should watch to see what happens this week with this daily supply.
#USD remember NFP an how bullish it was? Now we have retail traders in short the $EURUSD which means they are bullish the dollar. As long as this weekly supply holds we should expect more downside.
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