Based on the Commitments of Traders data reported on: March 22nd 2022
#GOLD price dropped down from the highs and continued until the weekly demand zone was contacted. The weekly uptrend is not the strongest and therefore we could see this demand break easily and price decline even further.
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 the monthly chart has a monthly demand in play, hence the darker green colour of the zone this visually tells me that this was the last major zone the banks used to propel price upwards and is the sole reason why price moved up with the force it did.
$EURUSD the red supply zones has thicker distal and proximal lines indicating that this is the zone causing the major force, in this case to the downside. The demand zone within the range is lighter because with the current dynamic the bias is that this demand zone should be taken out.
#USD the weekly chart of the dollar has an uptrend, although not the highest quality trend the overall pressure is to the upside so the demand within this trend is darker as this zone is important and could be used to drive price higher should a drop in price occur to it.
$BITCOIN new weekly demand was formed and price dropped into it and on the daily chart a new demand was formed off the reaction to the weekly demand this daily demand is now in play and pushing price higher. Short/mid term direction is upwards until weekly supply is contacted.
$SP500 last week we had price make a major move up and it all started on… get this… March 14th. I said I wouldn’t be surprised to see the markets rally from that date and low and behold look what happened. We had the long signal take place early in the week and it allowed us to start going heavy with our Call positions and end the week with the portfolio looking very strong. The daily supply was removed recently which signalled to us mid term move up was forecasted. Price is slowly making it’s way towards the weekly supply zone that we have mapped out as well. Once this area gets tested deeper than the previous test we can expect some downside pressure coming into play. Most traders will likely think the market will take a major nosedive and will be an opportunity for the BANKERS to get into long positions.
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