Based on the Commitments of Traders data reported on: April 7th 2020
📊 In the Markets: The markets continue to stabilize and things are slowly playing out and revealing themselves to us. With respect to #Gold, price is playing out just as it would if the higher timeframe trends were up and so therefore as things play out we will consider them to be so. Price rallying back up to previous highs and it looks like the last daily supply we have mapped out might be taken out. Once out we’ll still have some supply in play but this
supply could start being eaten through and eventually more upside could be had.
The #Eurusd is finding ground and we recently have seen how the #institutions got out of a massive amount of their short positions reducing them from 271k to now only 81k. So you have to wonder what is in play right now. The sentiment is now bullish and they are holding a good amount of long positions. Read the full report and see what SHERLOCK has to say about all this.
We are seeing some mixed data for the dollar pairs, some are bullish and some bearish. We have been watching the #Usdcad for some time and are seeing evidence to suggest a drop in price which will fuel a stronger CAD and this is in line with what we are seeing with #Oil. We mentioned that #oil is a good contender for a rally as we have demand in play and with the world events playing out; once we get the lockdowns removed we expect to see a strong rally form. Looks like this is on the horizon and we must be prepared for this.
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