Weekly Trading Forecast: Seeking Clear Dow, Dollar and Oil Trends Ahead
The holiday-shortened week proved a clear curb on the development of general risk trends, which in turn hamstrung many of the benchmark assets. Will a return of liquidity help charge enough volatility to settle the Dow’s proximity to record highs, clear the EURUSD’s inevitable break from a historically-tight range or return crude oil prices to trend?
Oil prices remained strong this week as price action held higher-low support; but bulls are getting shy around resistance – is a retracement nearing?
The US Dollar Index remains confined within a big-picture wedge, a test of the top of this pattern is just on the horizon.
Gold Forecast: XAU at Support, Fresh 2019 LowsGold is down more-than 5.5% from the 2019 high with price now probing support at fresh yearly lows. These are the levels that matter on the XAU/USD weekly chart
There is value in assessing the Euro’s technical potential through its most liquid cross – EURUSD – but traders would do well to consider the single currency’s own bearings which paint a very different picture than range.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.