🐳 Whales adding to their Gold Longs!
Based on the Commitments of Traders data reported on: November 15th 2022
#GOLD we outlined what has been taking place with gold in one of our recent youtube videos and if you haven’t seen it you should make sure you do. In the video we explore the history of golds moves from the start of 2020 until now and what we can see is that the banks are clearly in a selling cycle right now. Recently they have rallied price upwards towards a selling area and we are waiting for price to reverse back down.
#OIL declined drastically from highs of $120 to lows of $80 and now rallying again from an institutional weekly demand zone. As it rallied it formed new demand by removing a weekly supply. This chart is very unpredictable at this time without any proper structures to base direction off of. Not looking to take any trades on oil.
$EURUSD We called the move to the upside and I profited handsomely from the move as well, as outlined in the portfolio. Price has now contacted the monthly supply area we’ve been watching and now we wait for the sell signals.
$GBPUSD (in our last report) came into contact with a monthly demand zone I believe will play a major role in what is about to happen in the currencies market. I suspect that because this significant demand is in play price will want to rally upwards until monthly supply is contacted. We have a couple zones we located that may play the part. (played out to perfection)
$BITCOIN dropped as we had suspected it would and has now contacted a weekly demand zone and we can see price is stalling here. Price will likely stay here for a little longer but as we said we have targets lower at 13.5k and we suspect that this is where price will be attracted too.
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