Based on the Commitments of Traders data reported on: Jan 11th 2022
#GOLD Weekly chart continues to range and the bottom line is we need a weekly uptrend to form to enter long otherwise we wait. On the other hand monthly chart shows evidence that demand might break and cause a drop lower.
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 Monthly demand was contacted and it drove price upward right into the weekly supply area we have mapped out. This weekly supply looks like it will be removed next week and this will open the chart for more upside in the weeks to come. 🔴High gas prices are coming!
$EURUSD Weekly chart is producing what looks to be bullish candle formations. This chart is being led by the USD.
#USD There’s the move lower we expected and mentioned in last week’s report. This is just the beginning from what we are seeing.
$BITCOIN The weekly demand is coming under attack. This comes after Goldman Sachs put out a price estimate of 100k. This is likely because they needed retail to buy the positions off of the big institutions. Now we see price dropping.
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