Based on the Commitments of Traders data reported on: August 31st 2021
#GOLD Latest data shows that the banks are buying and this is within monthly demand and when we look at the daily chart we can see that the downtrend is broken and the daily supply has been taken out!
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 Price reacting from the monthly demand now and we are seeing signs that we may be bottoming here and price may start a significant rally from these lows. Need to wait until weekly supply is removed before the momentum will kick in.
$EURUSD Retail traders are now in mostly short the $EURUSD as price the daily downtrend and opens up for a move higher.
#USD Dollar continues to react from supply and we are waiting for a downtrend on the daily chart to bring in some momentum.
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