Crude Oil, Equities Risk Downside Breakout as Gold Prices Rally
Crude oil prices plunged nearly 2% last week as commodity traders wrestled with bearish headwinds that stemmed from the latest US-China trade war escalation, but could the selloff soon subside?
S&P 500 gains capped by key resistance, FTSE 100 risks drop towards trendline support.
Gold price has been acting well following a test of major long-term resistance, a little more time could set it up well for another attempt to run higher.
It was a brutal end to the week for the Greenback as a cocktail of drivers appeared that helped to push the currency from its perch.
Sterling has rallied 2% off the yearly lows with price now eyeing the first test of downtrend resistance. Here are the levels that matter on the GBP/USD weekly chart.
Gold – Yellow (XAUUSD)
Green- DXY (USD)
Black- Oil (Crude Oil Futures)
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