Based on the Commitments of Traders data reported on: March 15th 2022
#GOLD price dropped down from the highs and continued until the weekly demand zone was contacted. The weekly uptrend is not the strongest and therefore we could see this demand break easily and price decline even further.
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. Maybe the switch zone is enough?
#OIL dropped down into some weekly demand and then rallied from it. They did an amazing job getting traders to get into massive long positions as price continued to move higher. Goldman Sachs even came out and gave a forecast for #OIL to head to $200 and because some of the forecasts came true, confidence in a move higher was at a peak and major positions were put on.
$EURUSD price is staying near the lows for now which is a good sign is price should continue lower longer term. We are testing the tested monthly demand zone again and I have an alert set if price penetrates deeper than the previous low test, if so I suspect we’ll see price remove the monthly demand in time. This will open the chart for a move much lower.
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