Last week I got a lot of questions about gold and oil. I understand the recent political crisis in Venezuela is the hottest topic now. As this country has the largest oil reserves in a world. But at the same time it doesn’t have much impact on world supply and demand. So, I don’t think this situation will help oil bulls to break out from the current price range. Last week we had such opportunity, but the attempt failed. On the weekly chart, we have a hanging man. Usually it’s a sign of coming pullback.

      However, taking into account mixed technicals and fundamentals, it’s better to focus on scalping till we will get strong signal and good entry for swing trade. Personally, I will consider swing longs after pullback or if price breaks and holds above resistance.
      I smell swing entry and big profits in gold. Very possibly it will happen after the Fed announcement.  Next week is important for USD, but at the same time it can be tricky. Due to the absence of economic reports recent weeks, it’s difficult to make forecasts on Non farm payrolls and Fed statement. So, all of you have to be careful and read these events between the lines.
     Technically EUR/USD is moving nicely as per my previous analysis. We are approaching re-short level. This time I will consider partial profit booking near 1.12900 (recent support). All swing targets are intact – 1.12000 and 1.11200. However, I can consider reviewing my forecast and targets based on Fed statement.

Wishing you a great week!

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