Based on the Commitments of Traders data reported on: May 23rd 2023
#GOLD we’ve watched as $EURUSD profit taking helped fueled a move lower in Gold. Price declined and now responded to the daily demand zone. For price to decline further this demand needs to be removed.
$USO - United States Oil Fund has major supply in play which I suspect may play a role in the direction of #OIL in the coming years.
$EURUSD retail traders starting to offload their short slightly. If they continue with this momentum I would expect price to start declining back towards the low 1.09’s and beyond.
$TLT there are cycles of offloading short positions taking place here. Look at the data and it tells you everything you need to see. Currently adding longs is not the main focus.
NATGAS price is stuck in this range between supply/demand. Watch the daily chart as we believe this is the chart in play right now. It should be the weekly chart but there are no supply zones to keep an eye on.
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