Markets
gapped up on favorable economic data, but after setting fractional new recovery highs, they chopped around and eventually succumbed to weakness with steady selling from midday to the last hour, where prices reversed and rallied into the close. As you can see from NASDAQ futures chart below, buyers stepped up when prices came into gap support. The
CPC has printed a higher low and is moving back above extreme bullish zone - this could foreshadow more profit taking to come.
Gold is forming a bullish
falg versus the $
USD which is forming a bearish flag.
Markets gapped up on favorable economic data, but after setting fractional new recovery highs, they chopped around and eventually succumbed to weakness with steady selling from midday to the last hour, where prices reversed and rallied into the close. As you can see from NASDAQ futures chart below, buyers stepped up when prices came into gap support. The CPC has printed a higher low and is moving back above extreme bullish zone - this could foreshadow more profit taking to come.
Gold is forming a bullish falg versus the $USD which is forming a bearish flag.
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