Weekly Market Review
Key Events of the Week – There were no major macroeconomic reports this week; attention remains focused on the potential deal to reopen the Strait of Hormuz and a peace agreement. The rise in indices is also linked to strong earnings reports.
Key Assets
DXY — Dollar Index The dollar has strengthened locally and is currently trading sideways. I expect the dollar to decline to around 98.5.
https://www.tradingview.com/x/Ol5ufhqF/
Gold — Still in a downtrend, but already showing signs of selling weakness; to confirm a reversal, we need to wait for the price to return above 4600.
https://www.tradingview.com/x/Ua5xZhgu/
Gold mining Gold producers are also continuing their downtrend. A reversal requires a return above $95.
https://www.tradingview.com/x/ZPPDg8t9/
Oil is testing the lower boundary of the sideways range. A local upward pullback is possible, but the main scenario is a continuation of the downward movement. The scenario is invalidated above $100
https://www.tradingview.com/x/LupQQWAK/
The S&P 500 index is trading near its highs, where we may see a local correction with a test of support levels.
https://www.tradingview.com/x/LqhxaZLh/
EUR/USD The euro has tested the support zone. The likelihood of euro appreciation remains high amid the weakening of the dollar index.
https://www.tradingview.com/x/FKcB5kGJ/
Bitcoin It is trading within a local downtrend. It is likely to drop below the 71K zone, which is quite strong, and the price may test it before a reversal. The reversal zone is above 75K.
https://www.tradingview.com/x/drEvxjVf/
Ethereum looks just as weak, and the main reversal zone is 2160–2200; until the price returns above this level, a decline or a local sideways movement is likely.