The Calm before the 🌪️ Storm!
Updated: Mar 28
Based on the Commitments of Traders data reported on: January 17th 2023
#GOLD as we suspected price has been heading higher. Retail traders were in short which made us suspect that we could see the improperly formed monthly supply be removed. The higher timeframe up trends seems to be reengaging now. Still a lot of structure needs to be put into place for momentum to the upside to be re-established. Could take up to a year.
#OIL may have a monthly demand zone that is in play. This type of demand is not of high quality and is something that we are currently studying.
$EURUSD monthly supply is being penetrated through right now. Will this zone be taken out, likely. The question is why are the banks removing it? We spoke about this in some detail on the level 3 session and what we discovered was that if new demand was formed then if price dropped and removed it it would form a high quality downtrend with supply to support it.
$GBPUSD (in our last report) price is reacting from the weekly demand zone that we had drawn out. Pressure to the upside. We can see this pressure continued this past week as we suggested it would.
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