March 2nd 2020 - Institutional 🏦 Positions & Supply/Demand for Gold, Oil and the FOREX market
Based on the Commitments of Traders data reported on: February 25th 2020
📊 In the Markets: The dynamics in the markets are shifting once again. When we look at the #dollar for instance, we can see that the monthly supply has been contacted and therefore it is the driving force right now. It has since pushed price lower and broken through a weekly demand zone, so this just goes to show the power of a monthly supply. With this new dynamic in place, we will have to be patient and wait for the #institutions to take charge of price and direct it with some sort of momentum in one direction or the other. The bias is to
the upside so going long would be the preferred trade but at this point there is nothing to base a trade off of.
#Gold dropped from the distal area of the higher timeframe supply and has created new supply zones on the chart. This is still too early to determine if this move is the very highest point created before a push much lower, so we continue to wait for our system to locate a trade signal to go short. Then we have the #AUDUSD and it has just contacted demand located within the monthly demand zone that we know has already been tested. So there is a strong likelihood that we’ll see a rally begin to form from the lows and with this a push up in #gold.
#OIL dropped into weekly demand but this weekly demand is located inside a tested higher timeframe demand and the trend is down, we should expect that this weekly demand will eventually break through and more lows will come. Patience is key during this market dynamic.
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