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November 2nd 2020 - Institutional ๐Ÿฆ Positions & Supply/Demand for Gold, Oil and the FOREX market

Based on the Commitments of Traders data reported on: October 27th 2020


๐Ÿ“Š In the Markets: We are starting to see signs of the pullback in the #EURUSD now. This week we had the pair create a momentum shift to the downside after creating an ascending trend line but no upward trend. We spoke about this is some detail in class last week. The importance of being able to spot a trend from just an ascending structure makes all the difference in determining future moves. Back to the #EURUSD daily chart, the shift downwards has since created a bearish engulf on the weekly chart and since the weekly

demand area has already been tested, any push lower will likely be enough to cause this area to be removed. The next target for price would then be the weekly/monthly demand we have located.

With respect to #GOLD it created a momentum shift to the upside recently but we did not see this as a sign of strength because of a few reasons we outlined in class this past week and so noticing these pieces of evidence of weakness we then witnessed price fall from the highs of 1925. Price is currently reacting form some demand we also had located but we donโ€™t see this demand holding for too long before another plunge lower takes place.

This is a HUGE week as we have the US elections taking place and with this there will likely be some manipulation taking place by the bankers so we have to be very aware of this. This will mean that some moves might take place that are out of the norm of what weโ€™d expect at this time. So be careful with shorter time frame trades during this period.

We are now in the final stages of our trade setups forming.

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