Gold has retraced from one-year high and after returning to the current channel and reaching the forecasted level is currently between two tight trendlines. Short term outlook for the Gold is to reach 1315 – 1320 USD. Such outlook for the Gold price would agree with current appreciation of the US Dollar.
US Dollar has been appreciating against the Euro for the past week and after reaching the forecasted level, the currency pair has dropped below the 1.23 level as well as an upward moving trendline. If the resistance manages to keep the currency pair from appreciation, short term forecast for the EUR/USD is to reach the level of 1.218 – 1.22.
After reaching the psychological level of 56.00, the currency pair has started an upward trend and reached the forecasted level. Short term outlook for the USDRUB is to reach 57.50 – 58.00 due to the reached trendline that acts as a resistance as well as the forecasted appreciation of the Crude Oil.
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