Gold Fails to Hold Above $1080, Could Have Support at $980 in Sight – Weekly Forex Trade Analysis

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Key points in this video:

1. The US Dollar Index is approaching resistance at 100.15. The market may bounce off that level, with support at 97.82.

2. Likewise, EURUSD is approaching support at 1.0500.

3 .High grade copper has completed the AB=CD pattern we previously highlighted, and appears to be forming a doji candle this week. This suggests the market may be able to rally back to resistance at 2.2360.

4. Crude oil remains in its range 39.72 to 49.18. It has bounced off the lower limit of the range and may be ready to head back up to the top.

5. Gold did not bounce off support at $1080 this week, but rather treaded lower and is now on pace to close below $1080 this week. This could set the stage for gold to target support at $980.

6. The S&P 500 still looks a bit shaky, as it is below the bottom trendline of the channel it was previously in and is on pace to complete a hanging man candlestick for the week. Pprie is above the 50 SMA and 200 EMA.

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