Market update so far for USD, Gold and Oil
- FX Market
- 1 month ago
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.
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