September 23rd 2020 - Institutional 🏦 Positions & Supply/Demand for Gold, Oil and the FOREX market
Based on the Commitments of Traders data reported on: September 15th 2020
📊 In the Markets: We can see now that price is starting to move in the directions we’ve been expecting. #GOLD had a significant drop today and we are expecting more downside to come. Price is now reacting to a demand zone on the daily chart. We’ve had this zone mapped for a while now and this will be the second contact made with it. Then we take a look at the #EURUSD and we can see that it too started making a move lower. Now it is too
early to determine if the move will continue lower but our expectations are that it will.
The #GBPUSD also held its daily supply zone which is the zone I pointed out last week on twitter that we’d likely see a move lower form from. We’ve always expected price to drop to the 1.26’s and that move is taking place now. There was a slightly rally but it was short lived. More downside to the weekly demand area is what we are expecting.
The #AUDUSD hasn’t been shy in showing us its weakness as well. Monthly supply is indeed in play and it was quickly tested previously so we know what to expect with this. J It’s great to see all the charts moving in together as we always expect. When we see this we can be safely assured that out forecast are once again spot on. Having a look at #OIL and we can see that it is slowly building momentum to the downside. Daily supply contacted and holding. Should it be removed, more upside is expected and if not, then this could be the start of a bigger push lower. NOT LIKELY at this point.
The #USDCAD is looking great, straight up towards a zone we have great interest in watch to see if a short signal is produced or not. Have a feeling this week will be very revealing.
🎩 Magic Trader!