Based on the Commitments of Traders data reported on: October 6th 2020
📊 In the Markets: We had a holiday long weekend and this kept things slow on Monday but this week we are starting to see some movement in the markets. Let’s talk about #GOLD for instance. It has been consolidating after a brief drop from the highs and the daily chart has been creating supply/demand zones without being respected, this leads us to understand
that the market is telling us that higher timeframe forces are involved. We could easily see price drop from these levels in the near future because of these signs. As for the #EURUSD we recently spoke about a specific supply zone on the daily chart we were watching and today it is holding this supply and price is dropping. This is important because it leads us to suspect that more downside will come and thus help #GOLD with its drop as well.
The #GBPUSD produced a buy signal but if other markets forces weren’t important, then I’d say this signal would be very good BUT other market forces are in play especially what I just listed in the market overview. This inherently makes the long signal more risky. I have initiated a position and outlined the details in the forum. You must understand what is happening here so you are aware of the dangers.
The #DOLLAR on the other hand has a different dynamic as the daily chart is holding price in a range and is not giving us any evidence as to which zone will hold or be removed. All this information is Vital to understanding what is taking place at this very moment!
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