XAUUSD has been maintaining its H4 uptrend. Last friday there was a huge and swift retracement after price successfully broke above $1800 key level. However, prices were supported by the bullish trendline and the support at the 1785 area. Currently, the bullish outlook on gold still holds as it is trading above both SMA50 and SMA200 and the trendline is still intact.
By using the Symbol info on the top right, we can also see that most technical indicators are still on the buy side. Can the bulls beat the bears over $1800 and potentially continue its bullish momentum? Bitcoin and the stock markets have all been rallying, gold could follow.
GBPUSD is up nearly 30 pips since market open, as seen on the symbol info indicator. Similar to XAUUSD, there was a retracement last Friday. Price is currently supported firmly by the bullish trendline and trading above both SMA50 and SMA200. If the price is making a higher low, we could see bulls marching towards 1.3900 key level.
USTEC was testing the previous level at 15400 area for the past few days, With its strong momentum, it is highly likely that bulls can win the duel and proceed to test all-time highs.
Some of the biggest companies such as Microsoft (NASDAQ:MSFT) , Apple (NASDAQ: AAPL) and Facebook (NASDAQ:FB) are all releasing their earnings reports for the previous quarter this week so there could be increased volatility in the markets.
Crude oil has been holding on to its gain and continued to rally after blowing past the previous resistance at $76 level. It is currently trading at 7-year highs and there is nothing in sight to hinder its climb and we could potentially see $90 and even $100 in the very near future.
The oil inventory levels at the Cushing Hub are near critically low levels. Analysts from JPMorgan Chase & Co also said that if the current drawing rate continues, Cushing will be out of crude in a matter of weeks.
Traders and money managers have also increased their net long U.S. crude futures and options positions in the week to October 19 due to strong market sentiment, according to the CFTC.