Weekly Technical Forecast: Dow, Dollar and Oil Suffer Varying Degrees of Reversal
A slow turn in a host of benchmark assets this past week hit a flash point Friday with dramatic consequences. The US indices have triggered head-and-shoulders reversal patterns, oil dove beyond midpoint of its December to April rally and the usual safe haven Dollar checked lower. What do the charts say are in store next week?
GBPUSD continued to trade off last week but hit an important trend-line with several key inflection points dating back to its origination at the October 2016 flash-crash low.
Gold has surged more than 2.8% off the yearly lows with price now testing initial resistance targets. These are the levels that matter on the XAU/USD weekly chart.
Crude Oil Prices plunged through a number of supports this week, capped by a loss of 6% on the final day of May. Can bears continue to push prices lower?
The Dollar is flirting with both volatility and the extension of a choppy trend to fresh multi-year highs. Is that activity level and speculative bias mutually exclusive? If so, we face a slow climb or amplified tumble.