Silver is probing a key downtrend line that has been in tact since mid 2017.
The DXY has rallied to the underside of the trend line but also back above the 200dma which does muddy the picture.
The EURUSD has closed above the 200dma and also the 35% Fibonacci retracement of the Sept 2018 highs to April 2019 lows.
Gold finally broke out higher from multi-year resistance, and that has certainly caught the market’s attention. Attempts have been made to explain this move, but what are really the factors that move Gold – both in the short term as well as the long term?
The USDJPY broke down under pressure with yields falling and gold rallying, the natural path of least resistance for the pair was lower.
Gold squeezed shorts post FOMC decision today into the pit close, leaving the instrument at key resistance at the 1360 level.
After breaking the long term 1.5 year trend line and 200DMA, the pair is back to test the 200DMA once again and the underside of the broken trend line.
You could also say “The SEK has been leading European currency strength” as the USDSEK is dipping to some key support.
The double top in the US Dollar index is testing the neckline which is very important support at the 97.00 level for a few reasons.