Gold prices are at their most overbought on the monthly chart since 2011, when prices topped-out. Can bulls bring on an alternative ending?
Author: James Stanley
Gold prices set another fresh seven-year-high after this week’s open, and with a loose and passive FOMC, there may be more room to run.
The Nasdaq 100 has re-entered positive territory for 2020 following a whopping 41% rally from the March lows.
After a massive move in March, USD/CAD has spent the past month in a bout of mean reversion.
Gold prices surged by more than 20% from the March lows to the April highs, leading to almost three weeks of mean reversion as markets grapple with projections.
It’s been almost a month since the lows were set but bears have made a stark reappearance this week.
USD/CAD has held support above 1.4000, with the pair catching a bid today as oil prices were hit incredibly hard.
It was a brutal open to the week as WTI crude oil prices pushed below $1/brl. Yes, that’s less than One US Dollar per barrel.
It was a brutal outing in March, but a different tone has so far shown in April.
March was a month to remember and all signs are pointing to continued challenges in the months ahead. Buckle up.