Gold, crude oil may breach their long term support and EURUSD has already broken it. Trends are down in all three and even a long term downtrend may be expected. Gold and crude are both trending down which is a risky situation to trade as there may not be any short term cyclic patterns where a positional swing trader may identify peaks or troughs.
This weekly Trend Analysis table uses a proprietary algorithm to identify trend direction, strength of trend, & entry/exit signals. It also indicates key support/ resistance levels based on traditional technical analysis.
Abbreviations used -
- PCP = Previous closing price
- S2 = Second support, S1 = First support
- R1 = First resistance, R2 = Second resistance
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