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Gold has paused its bull run for Chinese new year but we see that a head and shoulders pattern may be forming so if we get a break below $1310 we have a few key levels on the way down.The US Majors are mixed but we see a few opportunities.
We see a falling wedge in Cable so watch for a breakout and keep an eye on the Brexit news and expect volatility.
Also, let’s watch out for the US State of the Union address, Fed Chair Powell speaking and UK Inflation and a UK Interest Rate decision this week.
USDCHF broke out of its bearish trend a couple of weeks ago and is now trying to break a key level of resistance.
A break above one franc could lead us to higher key levels or a bounce could see more consolidation.
USDCAD is following the price of crude as usual but watch for this week’s Oil inventories and a rare Canadian Employment report that does not coincide with the US Non-Farm Payrolls which were announced last week.
The Santa Claus rally was clearly late as all the global stock indices have seen bull runs this year.
Keep an eye on these pennant consolidation patterns on the DAX and Nikkei.
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