While the european Indices saw quite a turnaround this week, the Dow Jones Index retraced slightly from a weekly perspective. Even though a long breakout had been hit before, the current retrace does not negate that breakout and should rather be considered an internal correction. New all time highs are still not far away and the upwards directed momentum overall supports a continous upmove scenario. This of course includes pullbacks on the way, no one knows how long they might last, so patience is important again before this market turns up again.
I have been talking about Gold and Silver for a while now, the weekly turnaround seems to be done for sure at this point. These markets have really been moving up throughout the last week. Gold is even able to close above the breakout it hit only two days ago while Silver has already been in a long position for three weeks. Both markets are showing increasing Momentum and as prices continue to close higher on a weekly basis, a hopefully robust uptrend will unfold for the next couple of months.
Not only the USDJPY, but also the USDOLLAR have shown insane moves throughout last week. Overall they have been down for more than two months now, but last week really underlined the downside pressured that is in these markets as of now. Even though they are in a correction overall, these corrections are really going down with steam, with the ultimate lows not being in just yet.