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March 30th 2021 - Institutional 🏦 Positions & Supply/Demand for Gold, Oil and the FOREX market

Based on the Commitments of Traders data reported on: March 23rd 2021

There are many things we have to keep our eyes on this week. Firstly we have #GOLD and we have tested this monthly demand a second time and we are at the bottom of the zone right now. I mentioned we are at a crossroads with price right now and it is an important one. If price decides to decline we will be in a free fall until the 3 month demand is contacted below. Otherwise we are waiting for momentum to build on the daily chart to the upside. I’ve detailed what we are watching for in the report. When looking at the data we can see that

the banks are accumulating an aggressive short position which leads us to suspect the move lower is coming.

The #EURUSD is also at a very important spot with the monthly demand being contacted. Do we see upside build now or do we go down from here. There are a couple things to keep in mind here: 1) The monthly demand we are currently in did not remove an opposing supply zone and only removed a primary trend line, so is this zone strong enough to cause price to start heading upwards? 2) On the weekly chart we have some basing that was creating within demand and then a momentum candle was produced downwards, this would lead us to suspect that the weekly demand is about to be removed.

The #AUDUSD is doing something that does not look normal to me. I’ve concluded that the monthly supply has been removed but what is taking place on the weekly chart is not very clear which means something unknown is taking place here. This is a puzzle I’ll be working on this week. The #AUD pairs are suggesting that we could see more strength in the currency.

#OIL sitting at the highs needs more time to show us if it wants to drop or head higher. Watching for now.

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