Based on the Commitments of Traders data reported on: October 12th 2021
#GOLD Weekly chart continues to range and the bottom line is we need a weekly uptrend to form to enter long otherwise we wait. On the other hand monthly chart shows evidence that demand might break and cause a drop lower.
On the 3 month chart, we have always mentioned how we had a 3 month bearish engulf that
was formed and that we should keep an eye on that. Why? Because bearish engulfs typically signal a bearish move until a demand is contacted and with this chart only a switch zone was contacted.
#OIL Weekly uptrend formed and now the chart is signaling for long trades. As long as weekly trend holds we expect targets at 92.05 to be reached.
#OIL Daily chart: We can see that there is substantial supply on the daily chart at 84.73 so this should be taken into consideration for any long trades that are open.
$EURUSD My focus on this chart will be on the monthly for there to be sustained momentum in either direction we need either supply/demand out.
$BITCOIN Dropped from the 55k down to the 30k mark which is exactly what we had forecasted and then our targets at 52k were hit. We are now watching for the top to be surpassed and a drive in price to the 100k.
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