Silver is probing a key downtrend line that has been in tact since mid 2017.
The AUDUSD has been under pressure the last week after reversing from the 2018-19 trend line (blue) but is coming to a confluence of support.
The DXY has rallied to the underside of the trend line but also back above the 200dma which does muddy the picture.
The EURUSD is quietly consolidating above the 200dma as price action continues to compress into a pennant.
A close above the 0.6700 level tomorrow may trigger a longer term double bottom setup for the pair.
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?
Gold squeezed shorts post FOMC decision today into the pit close, leaving the instrument at key resistance at the 1360 level.