Based on the Commitments of Traders data reported on: December 7th 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 Monthly chart is in play right now. The zone was previously tested and now on the second test we are seeing a nice move from the zone.
$EURUSD Weekly supply came into play and the move lower we expected took place. The weekly resistance target at 1.1302 has been hit.
#USD The weekly demand came into play and pushed price upwards as we had suspected. Targets hit and now we have major supply in play.
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