November 3rd 2019 - Institutional 🏦 Positions & Supply/Demand for Gold, Oil and the FOREX market

The positions below represent the institutional positions held as of October 29th 2019!

📊 In the Markets: Last week we spoke of a crucial moment taking place on the charts with regards to the #USD and that crucial moment is still in play. This past week we saw price drive right back down into an already tested weekly demand zone and it is this zone that we are watching very closely. If it is taken out, it will put many things into motion on the other charts, including #gold. When we examine the likelihood of this weekly demand being removed by considering the chart structures of the other pairs, we can see that there indeed very strong evidence to support a stronger #euro and #pound among a few others and this would continue to be facilitated by a weaker dollar. We are watching this zone very closely this week, more so than last week as we saw price drive down deep into it at the close of this week.

So what does that mean for #gold? If indeed the #dollar breaks demand and drops, we will likely see another rally in gold, which will cause it to test deeper into the monthly supply zone that we have already made contact with. This could very likely happen but before we explore what that would look like, we will remain focused on the #dollar behaviour this week.

The #eurusd making contact with the monthly demand also suggests a move higher is about to take place and again, this is in line with a #dollar drop. The #gbpusd is another one that hit demand, they took profits on their short positions and now we see the institutions starting to accumulate a stronger long position. Could this be in preparation for a larger move upwards? Possibly! We are continuing to monitor these charts as well.

The #dollar pairs also look ready for a drop, their charts suggest a drop with supply forces in play and if you take a look at the #usdcad you’ll see some strong indication that they are building up a strong short position. For more detailed explanations of what is likely taking place, see the full report.

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