After a stunning gain last week, GOLD has broken through the monthly resistance levels and begun to hit its projected target ceiling at 1271.837. Already beginning a correction pattern, expectations are for a short bearish trend to appear for the next few days to the end of the week. Moving averages show the asset still holding a high price action and has a high probability to keep a holding pattern in for the remainder of the day.
Starting off the week in a bearish position, USD/JPY’s price action is sitting on a monthly low support level. The majority of the trading day will not bode well for a correction to more stable levels, however, the US market is forecasted to show strong support to rally the price 61.80% as shown on the Fibonacci oscillator. Large movements are expected after the assets breaks its first resistance line at 103.24.
Also at the end of a high weekly gain, OIL is showing a large indication for a continued strong bullish trend. Fibonacci retracements show still plenty of room to maneuver before reaching its target price. However, most indication point to a pivot by the end of the day. A small correction is to be expected as the price action has moved above the moving average and will eventually compensate. Friday trading should be continued bullish in conjunction with fundamental reports.