Weekly Technical Forecast: EURUSD, Dow, Gold and Oil All Threaten Reversal – Which Holds?
Volatility was principal feature of the landscape this past week, rendering technical breaks and abrupt reversals from a host of the key FX, capital and commodity markets. With a range of benchmarks from Dollar to US indices to gold all threatening an about face, what markets will run and which stall across these unlikely, correlated bedfellows?
Stocks look headed for more pressure in the week ahead, but there are levels not too far below that may help put in a bounce.
Gold prices were on the move this week with the net being a bullish engulfing bar on the weekly chart. Can gold bulls continue to press the bid to fresh highs?
Oil prices pared a portion of the steep loses seen earlier this week with crude holding just above support. Here are the levels that matter on the WTI weekly chart.
Between headlines of a Fed rate hike and President Trump upping the ante in the US trade war with China, the Dollar would see a bullish breakout turn into a precarious hold against a full-scale reversal.