Based on the Commitments of Traders data reported on: August 24th 2021
#GOLD Latest data shows that the banks are buying and this is within monthly demand and when we look at the daily chart we can see that the downtrend is under attack and will likely break. This signals the potential for a move higher.
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 Price reacting from the monthly demand now and we are seeing signs that we may be bottoming here and price may start a significant rally from these lows. Need to wait until weekly supply is removed before the momentum will kick in.
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