💶 Where Does the $EURUSD go from Here?
Based on the Commitments of Traders data reported on: August 2nd 2022
GOLD: Institutional traders have a NEUTRAL/BEARISH SENTIMENT.
Overview: Price rallied from the lows and as it did the banks can be seen closing their short positions from 148k to 117k for profit taking. They left their long positions relatively untouched. Near the lows retail traders were lured into getting into short positions and then the banks closed their shorts causing a rally up in price. I don’t believe the banks are ready to abandon their short exposure just yet. We can see that retail is starting to get out of their shorts and accumulate a larger long position and it’s now wonder that they are. Recently I read an article from the WSJ that outlined how Goldman lowered their upside Gold target from $2500 to $2300 and is still targeting a move higher. I think this will lure retail traders into buying more gold and pushing price higher right into the weekly supply zone.
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