Based on the Commitments of Traders data reported on: September 8th 2020
📊 In the Markets: #Gold continues to sit at these highs, monthly chart shows us some consolidation which is nice and now we would expect a move lower BUT let me make something clear. We are expecting a move lower because this is higher odds than a move higher but when I say higher odds it’s like 60% or so. Reason for this is because we can’t know for sure what they will do with price but considering what is taking place with the
others markets, this is the likely move. I WOULD NOT SHORT FROM THESE LEVELS!
#OIL starting drop, just as the last few weeks report has been suggesting. Price is dropping from the supply we contacted. When you look at the data you can also see the banks adding to their short positions and closing their longs. This could be the start of them preparing for the LARGER move lower we are expecting.
The #DOLLAR remains at the lows and consolidation is taking place on the monthly chart. This again is good news for the probability of a move upwards on the chart, probably around 65% for a rally to take place BUT NOT the odds I’d want for a long position. Once price retraces upwards, then shorting higher up would be odds of 75% - 80%, these are the odds I would take a trade from.
The market is setting up for some explosive moves and we have some trade signals already present and they have been noted here: https://www.whiteoakfx.com/forum/trade-signals. These are exciting times right now and we are ready and waiting to take advantage of the bigger moves that are coming!
🎩 Magic Trader!
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