There are also three recent upswings (red arrow) where crude oil exceeded the 20-Day line. That could still happen with the current attempt to strengthen, but until it does the 20-Day line is a key short-term upside pivot. In other words, the 20-Day line has been reflecting short-term resistance. This is bearish behavior unless there is a decisive and sustained advance above the 20-Day MA pivot, followed by a daily close above it.
Symmetrical Triangle Pattern
The bottom boundary line that represents support for a small symmetrical triangle pattern was confirmed again recently as support. The price of crude was rejected to the upside from the line last Friday and again yesterday. This is a notification that the line is valid and may represent support in the future. Although a breakout above the 20-Day line may trigger, crude will remain within the triangle formation until it rises above the top line of the triangle, which is purple.
Bull Wedge Pattern
There is also a recent interim swing high at 70.68 that may provide a more useful pivot, not only because it further confirms the triangle breakout, but it also gives a trend reversal signal. In addition, the 50-Day MA pivot currently marks the same price area. The top line is purple because it also represents a boundary for a possible falling bull wedge pattern. A purple line also marks the lower boundary (green arrows) of the pattern. Therefore, an upside breakout of the top line for the triangle also provides an initial breakout signal for a bull wedge.
Resolution on the Horizon
Volatility could increase soon if the triangle pattern proves valid as the apex is on January 3. This suggests that a spike in volatility, represented by a breakout of the patterns, either up or down, before the end of the year. Let’s see what happens.
For a look at all of today’s economic events, check out our economic calendar.
Upcoming central banks’ monetary policy decisions keep investors on their toes.
The United States will publish the November Consumer Price Index on Wednesday.
XAU/USD recovered its bullish poise and aims towards $2,700 in the near term.
Spot Gold maintains its bullish route on Tuesday, extending gains beyond the $2,680 threshold on the back of a dismal market mood. The US Dollar (USD) suffered some modest losses throughout the first half of the day, but demand for safety accelerated in the American session, benefiting the Greenback against high-yielding assets yet not against Gold.
The poor performance of European stocks and upcoming first-tier events further pushed speculative interest into adopting a cautious approach. On Wednesday, the United States (US) will release the November Consumer Price Index (CPI), and investors hope they can collect hints on what the Federal Reserve (Fed) may do when it meets next week. The Fed is widely anticipated to trim the benchmark interest rate by 25 basis points (bps) and inflation needs to be out of the rook to actually force them to proceed with a more aggressive cut, an unlikely scenario.
But it is not just about the Fed. Almost all major central banks will announce their decisions on monetary policy in the upcoming days. The Reserve Bank of Australia (RBA) was the first one early Tuesday, delivering no big surprises as the Board left the Official Cash Rate (OCR) unchanged at 4.35% as expected. The Bank of Canada (BoC) will come next, followed by the European Central Bank (ECB) on Thursday.
Central banks are struggling to return to normal interest rate levels while keeping inflation tamed and protecting economic growth. Indeed, the latter is out of their mandate, yet policymakers can’t play blind and deaf on soft economic progress and the risks of upcoming recessions. Their decisions will shed some light on what 2025 may bring regarding monetary policy.
XAU/USD short-term technical outlook
Meanwhile, the XAU/USD pair holds on to early gains and trades near the $2,690 mark. In the daily chart, technical readings favor an upward extension, given that the pair keeps recovering above a now mildly bullish 20 Simple Moving Average (SMA), while the 100 and 200 SMAs recovered their bullish poise below the shorter one. At the same time, technical indicators gain upward traction within positive levels, reflecting increased buying interest.
In the near term, and according to the 4-hour chart, the risk also skews to the upside. XAU/USD is above a flat 200 SMA for the first time in the month, while the 20 and 100 SMA advance below it, converging around $2,650. Finally, technical indicators develop near overbought reading with modest upward strength, but still heading north. Overall, XAU/USD seems poised to extend gains towards its record high in the $2,790 region.
Four out of the past last five days tested support around the 20-Day and each time natural gas fell below the line earlier in the session it traded back above the line by the close. That should be the same situation today. If dynamic support is retained at or above the 20-Day line, natural gas is primed to continue higher. It has been attempting to establish a bottom for the current pullback. But it has not yet made a clear break off that bottom that should engender confidence in the bullish reversal with signs of more aggressive buying.
Weekly Bullish Reversal Triggered
A bullish reversal was triggered yesterday on the weekly chart (not shown). The trigger indicates strengthening in demand for natural gas and it provides another piece of evidence supporting a bullish continuation of the rising trend and the likelihood that the bearish correction may have bottomed out.
The uptrend that begins from the February 2024 trend low triggered a breakout recently on a rally above the 3.02 swing high on November 20. That was concurrent to a symmetrical triangle breakout. Each would be a valid signal on its own but when they occur together the assumption is that upside follow-through should occur with improved momentum.
Bullish Hammer Breakout Above 3.19
After today, strength will be indicated on a rally above today’s high of 3.19 and further still on a move above Monday’s high of 3.32. The internal uptrend that is nearby can be used as a guide as it was previously representing support during the way up. It was specifically tested as resistance last Thursday before the gap up opening on Monday.
For a look at all of today’s economic events, check out our economic calendar.
Silver price retreats from Monday’s monthly high of $32.28.
The price of the grey metal found support following news of potential economic stimulus measures from China.
The stronger US Dollar weighs on demand for dollar-denominated Silver.
Silver price (XAG/USD) retreats from $32.00 per troy ounce during the European session on Tuesday. However, the price of the grey metal received support from news of potential economic stimulus from China.
Chinese policymakers, through the Politburo, outlined plans for a “moderately loose” monetary policy and a “more proactive” fiscal stimulus for the coming year. This marks a shift from the cautious approach of the past decade and has boosted the demand outlook for metals in the world’s largest consumer of raw materials.
Chinese President Xi Jinping stated on Tuesday, “China has full confidence in achieving this year’s economic target.” He emphasized that China will continue to serve as the largest engine of global economic growth and asserted that there would be no winners in tariff wars, trade wars, or tech wars.
Silver prices also benefited from growing expectations that the US Federal Reserve (Fed) will cut interest rates again this month. Traders are now pricing in nearly an 89.5% chance of Fed rate reductions by 25 basis points on December 18, according to the CME FedWatch Tool.
However, the strengthening of the US Dollar (USD) is making dollar-denominated Silver less affordable for buyers with foreign currencies, dampening its demand. Trades adopt caution ahead of the US Consumer Price Index (CPI) data scheduled to be released on Wednesday.
Silver FAQs
Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold’s. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold’s moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
Early in the morning of 28/11 (Vietnam time), on the London floor, the price of Robusta coffee futures for monthly delivery November 2024 was at 5.533 USD/ton, up 358 USD/ton compared to yesterday. The monthly delivery term January 2025 increased 382 USD/ton, trading at 5.496 USD/ton.
Arabica coffee prices on the New York floor for monthly delivery December 2024 traded at 323 cents/lb, up 15 cents/lb compared to yesterday’s trading level. For monthly delivery March 2025, trading was at 320 cents/lb, up 14 cents/lb.
Domestic coffee prices today also increased across localities, trading at 123.500 – 124.100 VND/kg.
Specifically, in the province Dak Lak, today’s coffee price is purchased at 124.000 VND/kg, an increase of 2.400 VND/kg compared to yesterday.
At Lam Dong, today’s coffee price was purchased at 123.500 VND/kg, an increase of 2.500 VND/kg compared to the previous trading session.
At Gia Lai, today’s coffee price is trading at 123.900 VND/kg, up 2.600 VND/kg.
Coffee prices in the province Dak Nong Today recorded an increase of 2.100 VND/kg, purchased at 124.100 VND/kg.
Global coffee prices continued their strong upward trend, reflecting deep concerns about future supply. Specifically, Arabica coffee prices increased by 1,33% to a 27-year high, while Robusta prices also increased by 1,27%, approaching the threshold of 5.200 USD/ton.
Rainfall in Minas Gerais, Brazil’s largest coffee-growing state, was below historical average last week, adding to supply concerns there. Somar Meteorologia reported just 6 mm of rainfall in Minas Gerais last week, or 10% of the historical average.
The low rainfall has raised concerns that coffee plants will not be able to fully recover and develop, leading to a sharp drop in output compared to the current crop. Previously, Brazil’s main coffee growing region experienced a prolonged period of historic drought, causing analysts to simultaneously reduce their forecasts for coffee production in the 2025-2026 crop year as well as the 2024-2025 crop year.
The US Department of Agriculture (USDA) Brazil office estimates the country’s coffee production for the 2024-2025 crop year at 66,4 million 60-kg bags, down 3,5 million bags from the previous forecast. The total production decline is mainly due to a decline in Arabica coffee as the growing region faces harsh weather conditions during the flowering and bean development stages.
In addition, exports in the 2024-2025 crop year are estimated to decrease by 5% compared to the previous forecast and 2,5 million bags lower than the previous crop year, to 44,25 million bags. At the same time, ending inventories in the 2024-2025 crop year are down 65% compared to the forecast of USDA headquarters, to 1,24 million bags, and ending inventories in the 2023-2024 crop year are also cut from 2,88 million bags to 1,68 million bags.
Regarding the long-term outlook, consulting firm Hedgepoint in its latest global market report forecasts that Brazil’s coffee output in the 2025-2026 crop year will only reach about 65,2 million bags, of which Arabica coffee output is expected to be at 42,6 million bags, down 1,4% compared to the previous crop.
Gold price consolidates the previous rebound above $2,660 early Tuesday.
The US Dollar catches fresh haven demand while US Treasury bond yields stall recovery.
Daily RSI recaptures 50 as Gold price eyes acceptance above 50-day SMA ahead of US CPI.
Gold’s price builds on the previous rebound near $2,670 in Tuesday’s Asian trades even as the US Dollar (USD) sticks to its recovery mode, awaiting US Consumer Price Index (CPI) data on Wednesday for fresh directional impetus.
Gold price capitalizes on geopolitics and China optimism
Gold price takes advantage of a pause in the US Treasury yields upswing and expectations of more stimulus coming from China following weak inflation data on Monday. China’s CPI missed expectations in November, rising by 0.2% year on year (YoY), down from a 0.3% increase in October.
Additionally, rising Middle East geopolitical tensions, in the face of the sudden collapse of the Syrian government over the weekend, keep the haven demand for Gold price alive and kicking. Syrian rebels seized the capital, Damascus, ousting President Bashar al-Assad, who fled to Russia with his family seeking asylum.
According to Bloomberg, the leader of the Syrian rebel group, Mohammed Al Bashir, is set to form a transitional administration to “avoid slipping into chaos”.
On Monday, Gold price staged a decent comeback from eight-day lows of $2,613 as Middle East geopolitical tensions offset the renewed upside in the US Dollar and the US Treasury bond yields across the curve. US Treasury bond yields rebound was led by the anticipation of stubbornly high US inflation data, which could ramp up expectations for a hawkish interest rate cut by the US Federal Reserve (Fed) next week.
Markets see an 86% probability of the Fed lowering rates by 25 basis points (bps) next week. Meanwhile, for the January Fed meeting, the odds for another 25 bps rate cut stand at about 22%, the CME Group’s FedWatch Tool shows.
Looking ahead, all eyes remain on Wednesday’s key US inflation test as Gold price could see additional profit-taking following last week’s decline. Traders will likely resort to repositioning in the lead-up to the US CPI showdown.
Meanwhile, geopolitical developments will also be closely eyed in the absence of any top-tier US economic data due later this Tuesday.
Gold price technical analysis: Daily chart
The daily chart shows that the tide has turned in favor of the Gold price as the 14-day Relative Strength Index (RSI) pierced through the midline for the upside.
Gold price is now attempting to break the recent range to the north, battling with the key 50-day Simple Moving Average (SMA) at $2,668.
Acceptance above the latter on a daily closing basis is critical for providing extra legs to the ongoing Gold price recovery.
The next relevant resistance levels are seen at the $2,700 round level and the November 25 high of $2,721.
Conversely, the 21-day SMA at $2,633 will offer strong support to buyers in case the upside loses momentum.
The previous week’s low of $2,613 will be next on sellers’ radars, below which the 100-day SMA at $2,588 will be threatened.
Gold FAQs
Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
Silver price continues to gain ground due to the prevailing bullish bias.
The primary barrier appears around the upper boundary of the ascending channel at the $32.60 level.
The nine- and the 14-day EMA at $31.27 and $31.17, respectively, would act as primary supports.
Silver price (XAG/USD) extends its gains for the second day, trading around $32.00 per troy ounce during the Asian hours on Tuesday. The daily chart analysis indicates a bullish bias, with the pair moving upwards within an ascending channel pattern. Additionally, the 14-day Relative Strength Index (RSI) remains above the 50 mark, further supporting the bullish sentiment.
The XAG/USD pair continues to trade above the nine- and 14-day Exponential Moving Averages (EMA), reinforcing a bullish outlook and signaling to strengthen short-term price momentum. This points to increasing buying interest and raises the likelihood of further price appreciation.
In terms of the upside, the Silver price finds a primary barrier around the upper boundary of the ascending channel at the $32.60 level. A break above this level could reinforce the bullish bias and support the XAG/USD pair to approach its November high at $33.13.
On the downside, the primary support appears at the nine-day EMA at $31.28, followed by the 14-day EMA at $31.17. The lower boundary of the ascending channel at $31.00 level could act as a major support.
A break below the descending channel could weaken the bullish bias and put downward pressure on the price of precious metal to test a “throwback support” at the psychological level of $30.00.
XAG/USD: Daily Chart
Silver FAQs
Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold’s. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold’s moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
The People’s Bank of China resumed Gold buying after a six-month pause.
United States inflation and central banks’ monetary policy announcements fuel caution.
XAU/USD recovered its bullish poise, near-term gains limited.
Spot Gold advanced on Monday, trading as high as $2,667.31 a troy ounce during American hours. The bright metal found fresh demand for China after the People’s Bank of China (PBoC) resumed purchasing following a six-month pause. The US Dollar (USD), on the other hand, trades with a soft tone across the FX board as investors gear up for central banks’ announcements and first-tier United States (US) critical data.
The US will publish an update on inflation on Wednesday in the form of the Consumer Price Index (CPI). The Federal Reserve (Fed) prefers to base its decision on the more smoothed Personal Consumption Expenditures (PCE) Price Index, yet with the central bank’s announcement around the corner, market participants will be closely paying attention to the figures.
Ahead of the Fed, the Bank of Canada (BoC), the Reserve Bank of Australia (RBA) and the European Central Bank (ECB) will also have monetary policy meetings, while in the Fed’s aftermath, it will be the turn of the Bank of Japan (BoJ) and the Bank of England (BoE).
Meanwhile, Wall Street opened with a sour tone, with the three major indexes trading in the red. Government bond yields, on the other hand, ticked marginally higher.
XAU/USD short-term technical outlook
The XAU/USD pair trades near its intraday high, and technical readings in the daily chart support an upward extension. The pair spent the day above a flat 20 Simple Moving Average (SMA), bouncing sharply from the media, usually a sign of mounting buying interest. At the same time, the 100 and 200 SMAs advance well below the shorter one, recovering their bullish poise. Finally, technical indicators bounced from around their midlines, offering modest upward slopes in line with recent resurgent buying.
In the near term, and according to the 4-hour chart, XAU/USD is also poised to extend gains. Buyers are challenging sellers aligned around a directionless 200 SMA while converging 20 and 100 SMAs provided intraday support. Technical indicators, in the meantime, head north above their midlines, albeit with uneven strength.
Precious metals gained ground throughout the European session on Monday and were still holding into the positive heading deeper into the US session. Gold and silver were buoyed by renewed optimism from China. A shift in Beijing’s monetary strategy provided a boost to Chinese stocks and rippled through global markets, lifting commodity prices, including gold. Add geopolitical tensions from the Middle East to Europe, and it’s clear why safe-haven assets like gold saw a recovery. The week ahead, however, brings high-stakes events like interest rate decisions from major central banks and key US inflation data, all set to influence the gold forecast.
China’s stimulus and central bank meetings
China is signalling a more relaxed monetary policy for the coming year, sparking hopes of further stimulus. Such measures could be a game changer for China’s stock market. It remains to be seen if it will help lift consumer confidence to the point that it leads to a rise in gold demand in China. For now, traders are buying gold in anticipation but don’t expect this to provide a lasting support. Support for gold will have to come from other factors, particularly if we hear significantly more dovish tones from other central banks meeting in the next couple of weeks – the ECB and Fed, in particular. As well as the ECB this week, the Bank of Canada and Swiss National Bank are all on deck with policy announcements. Should these institutions lean toward easing more than investors expect for 2025, it might further support gold’s appeal, especially amidst lingering geopolitical uncertainties. However, if we hear less-than-dovish remarks then this may not provide much support, if at all, to gold prices.
Gold traders looking ahead to CPI
Gold prices are stuck in a two-week range despite today’s 1.3% rise so far in the trading session. November marked a turning point with gold retreating from its October highs, ending a nine-month winning streak. This has left many investors adopting a “wait-and-see” approach. With the US Consumer Price Index (CPI) report and the Federal Reserve’s final meeting of the year looming, the gold forecast hinges on these pivotal events. Will gold break out of its consolidation phase, or is a deeper correction on the horizon?
A stronger dollar could weigh on gold
While optimism around China’s stimulus boosted procyclical currencies, the Dollar Index remains near recent highs. A stronger dollar has been a significant headwind for gold, making it pricier for key consumers in China and India. Together, these nations account for over half the global jewellery market. Coupled with a shift toward riskier assets like tech stocks, gold’s allure has taken a hit. Even so, Monday’s recovery hints that gold’s consolidation might be nearing its end—though a confirmed breakout is still needed to reignite momentum.
Technical gold forecast: Key levels to watch
Source: TradingView.com
Gold’s technical outlook looks unclear at this stage and more price action is needed to tip the balance either in the bulls’ or bears’ favour. So, let’s observe price action around some key levels on the gold chart to get a better idea of directional bias:
Initial resistance at $2668-$2670: marking the bearish trend of the wedge pattern, a close above this area could signal a bullish reversal
Key Range at $2708-$2725: This area was previously support and resistance, making it a logical target for those looking for a breakout from the falling wedge pattern.
Initial support at $2645: this was Friday’s high and where the 21-day exponential average comes into play
Next support at $2580: This was the area where the last recovery started from in mid-November. If we drop below this level, then this could pave the way to $2500-$2530, with long-term support near $2440-$2400 aligning with the 200-day moving average.
In Summary
The short-term gold forecast remains murky, with competing factors like a strong dollar, geopolitical uncertainties, and major economic data releases shaping market sentiment. While long-term trends favour gold, immediate resistance levels and waning momentum call for caution. Traders are likely eyeing the upcoming CPI report and ECB meeting for a clearer direction. However, the Federal Reserve’s rate decision next week could ultimately be the decisive factor in gold’s next big move.
Further bullish signs may include a daily close above the three-day high, or a daily close above the five-day high of 3.22, and then a daily close above the nearby uptrend line. The uptrend line must be watched visually. Natural gas is rallying following a successful test of support around the breakout area for a symmetrical triangle pattern, which includes a 61.8% Fibonacci retracement.
In other words, it is rising off a logical support zone that could complete the bearish retracement. Also, notice that over the past few days as natural gas was trying to find a bottom it was able to close above the 20-Day MA trend indicator each day.
Trend Support Indicated by 20-Day MA at 3.11
The 20-Day MA is now at 3.11. Along with the internal uptrend line, the 20-Day line provides a dynamic support line for the trend. If support continues to be found at or above the 20-Day MA, the rising trend remains in place. Since a bullish breakout of a symmetrical triangle formation occurred recently, there is the potential for a new upswing for the developing bull trend. Following the initial breakout, above 3.02, natural gas was able to sustain strength and reclaim prior swing highs at 3.16 and 3.39. This is bullish behavior that should return to the market for natural gas once the correction is complete.
Weekly Bullish Reversal Also Triggered
There was also a bullish reversal that triggered today on the weekly chart as last week’s high of 3.28 was exceeded to the upside. Therefore, the high provide another key near-term pivot to keep an eye on. A daily close above that level would provide another sign of strengthening.
For a look at all of today’s economic events, check out our economic calendar.
