Here is our video about the weeklymarketrecap and next week’s outlook. This week was pretty volatile about the dollar and Oil, according to our weekly trading guide. Gold is likely to finish lower for the week but it’s about to mark its first monthly gain for the year.
The Gold weekly analysis shows the metal is dropping around 0.3% so far in the week. According to our gold weeklyoutlook, the cryptocurrencies recent crash has supported gold price so far even though it still didn’t manage to break above $1800. The gold weekly technical analysis is pointing to a range trading on the H4 chart.
A breach of current support around $1767 would open the door for $1748 - mid April former resistance level. The gold weekly forecast is supported by a possibility of another selloff in cryptos - some Bitcoin traders could t ransfer to Gold if they seek a break from volatility.
The crude oil weekly analysis points to a rally in WTI and Brent futures. The strong US economic recovery and increased consumption from China and the UK are backing our oil weekly forecast. The oil prices also received support from the falling dollar that made it cheaper to buy abroad, as per our crude oil weekly forecast.
The Forex weeklyoutlook shows a pressure on the dollar and currency pairs like $EURUSD and $USDJPY are experiencing a strong rebound. The Forex weekly review is pointing to FED as its dovish stance on the monetary policy is sending the dollar to a straight fourth week of decline. The Forex weekly forecast is seeing that the dollar might gain support on continuing positive news about vaccine rollouts and inflation data.
Watch the full video for our take on the weekly trading plan and a deeper insight into what to expect in the weeks ahead from our weekly trading forecast. Drop us a line in the comments with your thoughts on the weekly trading tips. To be notified about the latest weekly trading forex forecast and news, subscribe to Capital.com, and click that notification bell.
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