Tuesday, December 7, 2021

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Ruey L.
Full time trader, part time poker player.

EURUSD

EURUSD Weekly Chart

The fiber is currently trading below the key support turned resistance level at 1.1620. However, the pair is also supported by 200SMA. The break to the downside was not convincing, as there was little momentum after the break. Yesterday we saw a modest gain of roughly 70 pips, and the Asian session is relatively slow at the time of writing. PPI and retail sales data are most likely going to add some fuel to the pair.


XAUUSD

Bulls took charge of gold yesterday and printed new highs for the month after the inflation data came out higher than expected. Gold then went into a consolidation after the FOMC minutes were released. The minutes gave signs to a gradual tapering starting from November to the middle of next year would be appropriate.



Natural Gas

Natural gas is still taking a breather after an extended rally. From a technical standpoint, the price has been respecting the 200SMA and successfully closed above the 50 SMA during the Asian session today. If the global gas supply shortages kept going on during the winter season, gas price is most likely going to continue its bullish momentum.


USOIL

Oil is still trading above the key resistance and we are not seeing any signs of bearishness. Nothing is standing in the way of bulls before the price hit the $100 psychological level and so the upside is relatively vulnerable.

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