Based on the Commitments of Traders data reported on: September 29th 2020
š In the Markets: We continue to watch the markets and wait for them to reach their turning points. We can see that #Gold stopped alongside the other markets, specifically the #EURUSD as it made contact with a demand zone. On the daily chart of Gold the range broke through to the downside and we have new supply that has been contacted. As outlined before, if this daily supply breaks through we can safely expect price to continue
higher to the 2019ās otherwise we should expect it to hold and drive price lower to the weekly demand zone have mapped out. We do see more upside on in the future for #gold as there is no reason whatsoever to conclude more downside.
Now looking at #OIL we have the weekly/monthly supply that made contact and we could see more downside play out but over time we are expecting more upside before the bigger move lower. We outlined a move lower to the 38ās in last weekās report and this is what took place as the daily supply zone held.
Then we have the #GBPUSD and it made contact with the weekly demand zone we have been watching. This area is an institutional buying area that was used to push price past previous highs and now price has made contact with it just as the #EURUSD made contact with its switch zone. Does this mean that the #EURUSD will start building strength from this area and start moving higher? This is a possibility that I am keeping in consideration as I watch the markets this week. The trade signals can come at any time because of this specific dynamic that is in play right now.
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