While broad ranges carved out by markets over the previous three months are still standing, a rise in volatility raises the stakes and probability of significant technical breaks in the coming weeks. With the Dow pushing deeper into its recovery, crude oil extending its reversal pattern and GBPUSD clearing its 200-day moving average; momentum may soon follow volatility.
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The crude oil price has risen nearly 30% from the late December low, and the pace of the jump with the volatile fundamental background may continue to support further gains toward the lower $60s.
A good week for Sterling bulls with gains across most GBP-FX pairs. The technical outlook remains positive despite the light sell-off into the weekend.
The Dollar was shaken out of its stasis at the end of the past week with a sharp rally on Thursday and larger tumble Friday. Despite the late fireworks, a broader range still holds. Will we finally break free this week?
GoldForecast - Price Rally Testing Trend Resistance
Gold is testing critical down-trend resistance and we’re looking to validate a possible breakout. Here are the levels that matter on the XAU/USD weekly chart.
The Euro broke support on Thursday with the help of the ECB but was reversed on Friday casting a shadow on the bear-flag breakdown.