Based on the Commitments of Traders data reported on: August 3rd 2021
#GOLD Finished off the week with a bearish engulf which could likely be the start of a further drop in price. We may/may not have a switch zone in play at the moment; difficult to really tell as it is not the common switch zone we typically see. Nonetheless, with the lack of upside structures being formed, no uptrends on the daily or weekly we can only conclude
that as the monthly demand continues to be eaten up, we will likely see #Gold drop in the coming weeks.
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 is breaking through the weekly uptrend line and therefore opens the doorway for a move lower. We previously had a weekly demand contacted but then price reversed back down. Likely move now is the monthly demand and then possibly the 3 month demand even lower on the charts.
$EURUSD watching the daily demand to see if it hold or not. If removed will be a MAJOR shift of the dynamic of the chart. This will likely cause price to move much lower on the charts.
#USD weekly supply was contacted but no momentum shifts t the downside were produced which now leads us to suspect the weekly supply will be removed and more upside is coming.
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