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Market update so far for USD, Gold and Oil

  • Regular
  • FX Market
  • 3 months ago
  • 103

GOLD

Bullion has moved into an uptrend given the last consolidation price of $1200 been viewed mostly as a strong base, as the closing highs reached above $1243.00 it is well expected for it to keep pushing in the same direction meeting the likely resistance of $1306.

It is likely to push over the $ 1266 level and one should keep an eye out for a closing of $1243.00 to seal the bullish momentum.

The movement as of now is showing a slight pennant as the primary trend continues, because of this the low volatility may bring a high volatility move.

A break of $1238 may bring a likely retest of the neckline at $1220.

 

US DOLLAR INDEX

The greenback’s index will retest the ceiling of 94.54 with an FO bar at its current price of 95.55, a temporary reversal from this figure will show further consolidation.

In the event of a breakdown the 96.51 mark would be tested, however as of now the USD price stays in consolidation.

 

OIL

West Texas Intermediate (WTI) has found the resistance mark just under the $55.38 level and seems to be heading into bear territory given the week’s small range and a lower high and higher low.

It remains on correction with a closing price of $63.59, lower than the June 22 low and the $64.43 of August 17, the next support level will be $42.00.

RSI movement below the level of “30” could offer a likely divergence.

 

 

 

Source: Smart Trend Team