May 11th 2020 - Institutional 🏦 Positions & Supply/Demand for Gold, Oil and the FOREX market
Based on the Commitments of Traders data reported on: May 5th 2020
📊 In the Markets: The markets continue to be stale. I mentioned this to you in the past that with the current dynamic playing out on most charts, the higher timeframes where consolidating which would mean months could go by without much movement. #Gold is in the process of consolidating on the monthly chart, which once complete, would validate the monthly demand as an area likely to be used to propel price even higher. The #dollar and the #EURUSD charts have also been stuck within monthly cycles and if you look at those charts you’ll see that price has been relatively stuck in a range for over a year. Yes we’ve seen
spikes up and down within this range due to rates being slashed but when it pertains to the properly formed candles we are looking for, it’s been very stale for some time now.
Looking at #OIL we can see that the expected move upwards from the monthly demand has taken place and we expect more upside is to come at some point in the near future. Considering economies are slowly opening up as well, this move higher is very well timed with this.
The #NZDUSD chart is showing great promise for a move higher. We could even see a move to the 0.64’s n the coming weeks. We know that higher timeframe forces are pushing price upwards BUT we must also remember that the trends on the weekly/monthly are down as well so there will be some reactions to those respective supplies.
The #USDCAD continues to be of much interest to us as we continue to monitor is. We applied the Sherlock System to the charts and what we’ve discovered is that the daily chart is showing us signs that price just might fall through the weekly demand area and head lower to the monthly demand zone. With this in mind, I am still watching for a long signal to be produced for the eventual move higher we are expecting.
We’ve got a signal being produced on the #GBPAUD which I shared on our latest newsletter and I will go into much more detail on the portfolio this week. Stay tuned!
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