|Day's Range||15.365 - 15.550|
Investing.com - Worries about a broadening global economic slowdown which could threaten demand for crude are likely to have the biggest impact on oil markets in the week ahead.
The main trend is up according to the daily swing chart, however, momentum is trending lower. Thursday’s closing price reversal top and today’s confirmation of the chart pattern is helping to pressure prices.
The stock markets in America got hammered during the day on Friday, making up most of the red shooting star that you see on the chart. That is of course a sign that we are running into serious trouble.
Silver markets continue to bounce around, but the weekly candle stick is giving us signs that we are going to continue to be very choppy. The fact that we are trying to form a bit of a shooting star at the bottom part of an uptrend line says a lot quite frankly.
Natural gas markets initially shot higher during the week but as you can see we ended up forming a bit of a shooting star by the time it was also done. That’s obviously a very negative sign, but keep in mind that we are most certainly stuck in a range.
Gold markets had an interesting week, slicing all the way up to the bottom part of the uptrend line that had been so important previously. By doing so, we now have fulfilled the test of resistance, and now we have a lot of questions to ask.
The British pound fell during most of the week, as we continue to see plenty of Brexit nonsense across the headlines. The market simply cannot decide what it wants to do quite yet, although it does seem to be “leaning” to the upside overall.
The Euro initially shot higher during the week, mainly as a result of the Federal Reserve stepping away from a hawkish stance. That being the case, we have tested the 1.1450 level, which is the beginning of massive resistance.
The US dollar has been all over the place, and that of course has shown itself in the Australian dollar/US dollar pair. We initially started out rather strong for the week but have given up quite a bit of the gains.
Silver markets rallied a bit during the trading session on Friday but then gave back the gains again as we continue to struggle in general. Overall, this is a market that looks to be a bit stagnant, and I think at this point it’s likely to struggle.
The US dollar broke down against the Japanese yen on Friday, slicing through the bottom of the hammer from the Thursday session in what is a negative sign. At this point, it’s very interesting a telling as to which just happen, but now we have a major level underneath to pay attention to.
The British pound fell initially during the trading session on Friday, reaching down below the ¥145 level. That being the case, we have found buyers in that area as the market has plenty of technical reasons to bounce.
Based on the early price action, the direction of the June E-mini Dow Jones Industrial Average on Friday is likely to be determined by trader reaction to the short-term 50% level at 25877.
Based on the early price action and the current price at 1.1298, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the uptrending Gann angle at 1.1287.
Based on the early price action, the direction of the AUD/USD is likely to be determined by trader reaction to a downtrending Gann angle at .7102 and the 50% level at .7105.
Gold prices initially rallied during Thursday’s session, reaching towards the $1325 level before rolling over significantly. The gold prices have broken below the $1310 level and formed a bit negative candle. The crude oil price has failed to break above the $60 level in yesterday’s session and has pulled back slightly.
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Given the current price at 25795 and the earlier price action, the nearest resistance is an uptrending Gann angle 25822. Overtaking this angle will indicate the buying is getting stronger. This could trigger a rally into the steep downtrending Gann angle at 25889.
Based on the current price at 1.1393 and the earlier price action, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the uptrending Gann angle at 1.1377 and the 50% level at 1.1374.
The daily chart pattern indicates that the direction of the market on Thursday is likely to be determined by trader reaction to the near-term pivot at $2.831. Additionally, a trade through $2.897 will signal a resumption of the uptrend, while a move through $2.783 will change the main trend to down.
Palladium hit a record high on prolonged supply deficit in the market. Spot gold gained 0.5 percent to $1,318.36 per ounce as of 0804 GMT, after touching its highest since Feb. 28 at $1,320.22 earlier in the session. U.S. gold futures jumped 1.3 percent to $1,318.50 an ounce.