Gold preparing for a Massive breakout!
Based on the Commitments of Traders data reported on: May 11th 2021
#GOLD daily chart is stuck under the descending trend line and we are waiting for this lower dimension to be broken through and price to explode to the upside. This is close to happening but I’ll be waiting until it does so. Once this happened we may see the momentum to the upside really start to show itself and will be waiting for the uptrend structure to be formed.
#OIL with oil we can see that the weekly supply is still holding and this is why the move upwards has been faces with mush hesitation.
On the daily chart we can see that a daily uptrend formed and it is holding very well up till Friday’s trading. The daily supply above has been contacted many times and so we are expecting another push upwards could easily break this area right through.
USD has made contacted with the monthly supply which sits at the bottom of the ascending 3 month trend line and take a look at what is happening on the 3 mn chart now.
The monthly chart clearly shows we have supply in play and the zone below has already been tested so the force of price will be downwards.
#EURUSD has formed an uptrend on the daily chart which I pointed out last week. We have a chart trade signal to go long produced with a caution for the fact that there was no demand to support it. Nonetheless, I have previously mentioned that at times the banks will come in with new buying when price tests the trend line regardless if there is demand there or not and that seems to be the case so far.
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