The US stock rally paused last session as traders wait for news about the US Covid relief package and as US Covid cases continue to surge. The US$ remains supported, Gold dipped on Covid Vaccine optimism and the Cable got a bit of a boost due to some post-Brexit trade talk optimism. All in all, […]
The wedge b/o on Gold continued last session but the only other decent movement came from GBP weakness as post-Brexit trade deals talks reach a deadlock. Momentum remains low across many instruments so keep watch for any new momentum-based trend line breakouts.
Last week: The four US stock index majors of the S&P500, DJIA, NASDAQ and Russell-2000 closed at new all-time Highs despite the weaker than expected US monthly payroll report and the growing number of US Covid infections. Other risk-sensitive assets such as Copper, the Emerging Markets EEM ETF, the ASX-200, the AUD/USD and NZD/USD all […]
US$ weakness has continued which helped to trigger the wedge breakout on Gold, new breakouts on AUD pairs and extend gains for the EUR/USD. The risk-on vibe extended to stocks as well with the S&P500 making a new all time high close.
The US$ has tumbled as risk sentiment continued to improve last session with the S&P500 making a record high close and the EUR/USD breaking free of the 1.20 level. This US$ weakness has helped Gold to recover and the upper trend line of bullish descending wedge is now in greater focus.