Based on the Commitments of Traders data reported on: May 24th 2022
#GOLD we’ve seen significant weakness in gold these last many weeks. This was all forecasted based on the idea that the banks would lure retail traders into getting into long positions at the highs which is exactly what they did and we can see proof of this. After price dropped many retail traders lost money and then finally exited their longs and started in short near the lows.
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. Notice the 3 mn demand is a darker green (I will play around with the colours to get them right) this means it’s an important zone within a trend.
#OIL price is still ranging on the weekly chart and we suspect this will be the case for some time. Why is this? Because price is piercing through a 6 month supply and we are watching to see if price will close inside this supply or above it and so as this larger timeframe story plays out we suspect that we will see continued ranging.
$EURUSD price rallied upwards from the institutional demand zone we have located near the lows. This was specifically times with the drop in the #Dollar that we also mentioned was likely to come.
#USD price is dropping from the selling area we are coming into contact with on the monthly chart. Weekly trend is still intact and demand is coming into play very soon. Once that happens we have good odds that price will rally from there.
$BITCOIN a weekly downtrend has been formed on the chart which suggests we are likely to see more downside coming. Otherwise a break of the trend line to the upside is required for more upside.
$SP500 we went through this chart in some detail in our level 3 class and we uncovered a lot here. Earlier in the week we discovered stocks looking very weak with dynamics that suggested more lows were coming which made us conclude we should expect more downside on the markets. This past week we saw a very nice drop take place from the weekly supply. Price is now making it’s way back to the monthly demand zone and we could be seeing the start of a breakdown of the monthly demand zone for a push much lower.
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