Definitely, the main story for most traders is the buy signal on precious metals. This is no surprise, and if you’ve been following Trader’s Edge, you’ll know that I’ve been expecting this for quite some time.
Gold created a very handsome inverse head and shoulders pattern, which created enough bullish momentum to break crucial horizontal and dynamic resistances. We may experience a pullback but the buy signal is here to stay.
Silver made an even better iH&S formation. We already broke the neckline of this pattern and the positive sentiment is all over the place.
SP500 looks positive and the correction from the previous week is probably only a memory now.
DAX is climbing higher, making stairs so flat horizontal corrections. New all-time highs are pretty close.
EURJPY is defending the last important support. Once it’s gone, any positive sentiment will be gone too.
EURNZD is showing us the power of the bearish trend and also the power of a false breakout.
AUDNZD is aiming few important resistances inside of a wedge pattern. This can end with a massive drop.
CHFJPY is showing us two head and shoulders patterns. One is already fulfilled. The second one’s in progress…
For a look at all of today’s economic events, check out our economic calendar.