The story of this week is definitely the meltdown on stocks but yesterday we had another important event – buy signal on the Gold. XAU/USD finally ended the sideways trend. The price bounced from the lower line of the triangle and went up. Momentum was so strong that the price broke the upper line of the triangle and the horizontal resistance on the 1210 USD/oz. Currently we do have a reversal but that is just a normal price action, so testing the recent resistance as a closest support. The buy signal is on.
Second one is OIL, which went sharply down, even despite the weaker USD. The price broke the horizontal support on the 73 USD/bbl and went lower aiming the mid-term up trendline along with the 70.8 USD/bbl support. Combination of those two lines brings us a bounce but the sentiment is rather negative.
EUR/CHF cancels the negative sentiment by breaking the horizontal resistance on the 1.145. In addition to that, we have an inverse head and shoulders formation and the broken down trendline. I don't see any bigger chances for a further drop.