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.
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 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
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.
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"Not until the dollar breaks above 100, we will keep a bearish stance" was what I've mentioned in the previous forecast. Apparently, once it broke 100 psychological level, the price surged all the way to 103.8, deep into a 3-year supply zone.
EURUSD fell for 4 consecutive days after facing strong resistance at a 13-month supply zone just before 1.15. The price was saw supported twice around 1.1060 which is also the Fibo retracement 61.8%. However, the price did close more bearish by the...