USD slips to a 4-month low, gold rises as equities falter
Euro Surges Past 1.1600
The euro currency continues its bullish onslaught as price breached the 1.1600 handle on Thursday.
The gains now put the euro on the front seat, posting 5 consecutive daily sessions of gains.
Further continuation to the upside could see the euro potentially testing the 1.1650 handle which is the next key price point.
However, price action has not seen any major pullback so far. This raises the risk of a correction that could potentially trap weak long positions at or near the current levels.
The next major resistance level is at 1.1800.
GBP/USD Struggles To Maintain Upside
The pound sterling is trading rather muted with price action struggling to break out from previous session highs.
GBPUSD rose to highs of 1.2743 following which prices pulled back sharply.
At the time of writing, GBPUSD is attempting to break out above this level once again.
A strong close will potentially see the cable rising toward the 1.2813 level of resistance next.
However, if the consolidation continues, we might get to see prices retesting the lows at 1.2643.
Crude Oil Struggles To Find A Foothold Above 42
Oil prices are back trading below the 42.00 level. Price action made attempts in breaking out above this key price area.
However, sellers promptly pushed prices lower. WTI Crude oil is now trading flat within the 42.00 and 41.00 levels.
But the overall bias is to the upside as long as the 41.00 price level holds. We could expect to see a breakout if oil prices can capitalize on the current weakness in the US dollar.
However, the bias will shift if the 41.00 level gives way.
Gold Prices Just A Few Points Shy Of 1900
The bullish continuation in the precious metal continues with gold rising close to one percent on Thursday.
Intraday prices saw gold rising to highs of 1898.24 before pulling back.
Price action is just a few dollars away from the elusive 1900 mark and would put price to test a 10-year high.
Given the bullish momentum, gold prices remain poised to the upside with further gains likely to come.
Reprinted from FXStreet，the copyright all reserved by the original author.
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