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.
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.
Monday saw some profit taking across stock markets as the US$ index continues to hold above 91.75 support and Gold holds above $1,770. Watch for any potential sideways activity until Friday’s US jobs data report.
The DJIA paused under the 30,000 level ahead of Thanksgiving and there hasn’t been much movement elsewhere either. Weekly US jobs data was disappointing and Covid cases continue to surge across the USA giving traders plenty of reason to pause.