Stocks surge and that comes as no surprise. Let’s see how the situation looks like on three instruments from different asset types:
First let’s take a look at , which is having a sixth bullish day in a row. The one from today is especially important as the price is trying to break the neckline of the head and shoulders formation. That would technically cancel this formation and would bring us a positive sentiment again. Buy signal on will be triggered, once the price will close a day above 12400 points.
We had an index, so now let’s move to commodities, where we have a very interesting situation on . The price is breaking a major down trendline, which is connecting lower lows since the middle of August. Price is closing a day above that line and will be a major buy signal for the XAU.
One of the reasons why Gold is climbing higher is the fact that the USD is weaker and that brings us to the forex market. I would like to show you a situation on the , where the price is breaking the upper line of the wedge pattern, which in theory is a strong price action buy signal. Sentiment on is definitely positive.
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