Weekly Technical Forecast: Dollar, Equities, Crude and Gold All Extend Their Climb to Key Resistance
There you have it! Crude has gained 21% year to date after the US noted new possible sanctions for Venezuela’s PDVSA and that Saudi could cut production further.
The Dollar closed out another positive week, but progress towards the multi-year highs set in November and December is frustratingly slow for bulls. So, is it provocative breakout or comfortable reversal next week?
Gold prices attempted to resume the dominant uptrend, stopping short for resistance at 1323.60. Fading upside momentum may undermine upside progress ahead with support at 1302.97.
The Euro flip-flopped last week as it tested important support, with character in price action showing signs of changing it may be on the cusp of developing meaningful downside momentum.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.