If you hadn't realized, EURUSD has marked the end of its final bullish run last week.
The gold peaked twice at 1739 and started to fall amid a bearish butterfly formation. Gold continued its bullish stance from the previous week as it climbed steadily in the first 2 trading days last week.
The dollar climbed but wiped out most gains after facing strong resistance at 100.30, a breakdown area of a previous inside bar formation. At the beginning of last week, the price continued to fall and broke lower.
Dow Jones continued to climb and broke previous high 23900 last Friday as the market reopened with a huge upward gap. The price has ranged throughout the week and lower highs started to form too.
The dollar completed 2 minor bullish waves and started to fall last week. Looking at the bigger picture, the dollar actually started to fall again from the top of the near 2-year rising channel. T
The gold fell on the 2nd trading day last week as it broke below the bottom of a minor range between 1640 and 1590. However, a strong pullback occurred at 1560 which eventually send the price back to where it started at the end of the week.
The dollar climbed through the week despite extremely weak employment data. The NFP result was pretty much expected and the market could already have digested the fact way before the release. D
Can the gold price continue to climb? Is the price too high and unattractive to investors OR perhaps it's another good opportunity to liquidate gold for cash in the face of another probable market crash?
The dollar had one of the biggest falls in more than a decade but not with surprise. It had one of the biggest surges just the week before and therefore the magnitude of the pullback is just understandable.
The gold continued to plunge first since it broke below the bottom of a 10-month rising channel. It quickly found support and pulled back strongly just above 1450 and a 7-month demand zone. T