US Dollar, S&P 500 and Gold Look to Breakouts with More Run than Oil’s
Crude oil managed an incredible wedge break this past week, thanks wholly to a massive gap higher to start the week. There are a range of other markets – S&P 500, EURUSD, Gold and others – that are staged in their own tight trading pattern and prone to breaking. Yet, will these market find better traction in follow through than what we saw from the key commodity?
Aussie bears re-appeared this week after taking a hiatus earlier in September, following the fresh decade lows set last month.
The oil spike last week was quickly reversed, more selling may be ahead in the days ahead with potential soon for a full reversal of the gap.
The Pound Sterling has surged roughly 3% so far this month as British MPs took measures toward preventing no-deal Brexit, but the recent rally is running into resistance as Brexit uncertainty reemerges.
The US Dollar has generally advanced for 18 months, though progress has certainly come in starts and fits. We are likely to see one of these short-term bursts of volatility in the week ahead.
The gold weekly technical forecast is neutral as XAU/USD looks to find follow-through after an upside push on Friday. Gold needs to take out September highs to resume its uptrend.
Oil = Black
DXY = Green
XAUUSD = Gold
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