Weekly Trading Forecast: Dollar and S&P 500 Still Within Range of Major Highs
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The ongoing battle between supply and demand is keeping crude oil constrained within a trading range and this is likely to remain the case for the days ahead.
The US Dollar ended a remarkably strong week through this past Friday. While the move did not secure the coveted historical reference to a fresh two-year high, the rally proved an especially bright spot against the contradiction of fundamental troubles that seemed to be cast aside with the performance.
Gold has continued to rally in non-US Dollar terms, and even against the price of Silver. While ultimate upside may be limited in USD terms, the environment continues to ripen for further XAU strength.
The Euro is poised to trade down to last month’s low or lower in the days ahead as the Dollar looks to reassert itself, however; expect some bumps along the way.
The Dow Jones, DAX 30 and FTSE 100 faced a week filled with volatility. As fundamental themes continue to simmer, technical levels will become all the more critical.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.