Based on the Commitments of Traders data reported on: November 28th'23
#GOLD we almost have an uptrend on gold but we are not there yet. Looking for a close above previous highs and then consolidation away from the newly formed demand. Once that is complete we will have a weekly uptrend on gold.
$USDWTI - short/medium term pressure is to the downside on #OIL as we can see with the two daily supply zones dictating price direction.
NOTE: Remember what we’ve said with respect to the $USO and the massive supply in play.
$EURUSD the drop we’ve been watching for has taken place. Retail sentiment reached as high as 88% at times, maybe even into the 90’s and price has now declined. I was playing around with different methods of tracking retail sentiment as it has become a very important method of timing short term trades. Below you’ll see a dark red cloud morphing into a lighter red cloud signifying the transition from heavy short to not as heavy. The definitions of those classifications are what I’ll be working on on my own time. ;)
🚨 IMPORTANT: Remember how they also used negative inflation data to help lure retail to go long.
$TLT banks have been steadily increasing their long exposure causing the sentiment to switch from bearish to now neutral. Should this continue it will soon be bullish. Let’s also keep in mind that a monthly supply zone is now being contacted.
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