The markets have been tightly ranging and what appears to be decoupled, as gold and dollar both have the ability at the same time to rise and fall. This is concerning as one of them is out of sync and this can ultimately lead to a large move in the coming days.
The ranges are starting to break as we saw EURUSD reach for not only the outlined target yesterday but also the target of last week. It would seem the low is now also in place for GBPUSD while the dollar broke down significantly yesterday.
So for this week, we will continue to expect a weak dollar and therefore rising foreign currencies against it and eventually a rise in gold.
Our target is 1.0960
Our target is 1.2270
Our target is 1.3850
Our target is 1780.00