The markets seem to be awash in speculative enthusiasm. Risk-leaning assets like equities and crude oil marked meaningful advances this past week, but the breadth out to carry trade and even the Dollar as a carry currency speaks to the depth of the march. Yet, the threat of stall and reversal seems to dog a ‘recovery’ effort that has covered much of the easy-to-traverse technical field
US crude oil prices put in for another impressive 5 percent climb this past week. That ups the tally for consecutive bullish weeks to five – matching the longest stretch in three years. How steady is this trend?
US Dollar strength has held into Q2, and the ascending triangle continues to highlight USD’s longer-term congestion. Is this the week that USD bulls finally make push?
Gold is virtually unchanged on the week but remains vulnerable to further losses early in the month. These are the levels that matter on the XAUUSD weekly chart.