This week seems like a normal week finally. Over the past 5 weeks, the first 4 was stagnant. The 5th week when I made some adjustments to my strategy, everything bulldozed in the reverse direction. This week a correction took place after gold broke the all time high and after GBP hit a high since May 2023. Silver fell as well, after failing to reach 32 USD. As a result, I managed to close off a few of my short trades in a healthy profit.
The crypto currency DOT is still pretty much a minor disappointment. For some reason it just cannot break past the $7 mark, but I am still pretty hopeful for a $10 at least. I am overall in slight profit for this pair, but not at the level where I will close out my trades. It is nowhere near its all-time high of $55 despite BTC already breaching its all-time high of $69k last season. With 5 Ethereum ETFs to start trading next Tuesday on 23 July 2024, there is hope that DOT will also rise in price.
Welfare pack for this week:
Download this week’s CFTC Commitment of Traders (big monies) analysis here.
Read more on what is the CFTC Commitment of Traders report.
Do note that the financial markets are volatile and unpredictable. The above report is only another set of tools to help with our analysis, and by no means is a 100% indicator as to what will follow. It should be used together with other necessary research which a trader or investor should do.
