Gold Continues to Climb

EUR/GBP:

There is a very accurate bullish channel forming on the 4 hour chart, as the pair has consecutively appreciated for the past 4 days. Currently, as the RSI on the daily chart is floating above the 50 line and the Slow Stochastic is pointing up, the pair might extend its bullish trend. This might be a great opportunity for forex traders to join a very popular trend.

Dollar, Yen Gain on Bleaker Economic Recovery Outlook

Crude Oil:

The Oil prices dropped significantly yesterday, and it is currently traded around $78.45 per barrel. However, the 4-hour chart’s RSI is floating in an oversold territory suggesting that a recent downwards trend is loosing steam and a bullish correction is impending. This might be a good opportunity for forex traders to enter the trend at a very early stage.

Dollar Falls on Fed Official’s Rate Comments

Gold:

Gold prices rose significantly in the last month and peaked at $1141.25 for an ounce. However, the daily chart’s RSI is floating in an overbought territory suggesting that a recent upwards trend is loosing steam and a bearish correction is impending. This might be a good opportunity for forex traders to enter the trend at a very early stage.

Dollar, Yen Up on Increased Risk Aversion

Wild Card – Gold:

Gold touched a new high yesterday of 143.15, though the charts are showing bearish trends today. The daily chart displays a bearish cross has formed on the commodity’s Slow Stochastic Oscillator, indicating for a potential downward price movement. Further evidence of a potential downward correction could be supported by the pair’s Relative Strength Indicator trading in the overbought zone. This could give commodity and forex traders a reason to go short on gold today.

U.S. Producer Price Index (PPI) to Be the Driver of USD Trading Today

Crude Oil:

Crude Oil is displaying significant bearish signals after yesterday’s failed breach of the $80 price level. The 4-hour chart has the pair trading in the overbought zone on the pair’s Relative Strength Index, indicating a possible move lower. The chart also shows a bearish cross has formed on the Slow Stochastic Oscillator that may support this downward move. Forex and commodity traders may want to be short on Crude Oil today as a significant price move may be in the making.

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