Commodities' Struggle Contrasts with Indices' Bullish Run

Commodities' Struggle Contrasts with Indices' Bullish Run
Hello traders, welcome to the start of a bustling week. While Monday eases us in gently, with the only notable event being a speech from Reserve Bank of Australia Governor Bullock, the rest of the week promises to keep us on our toes with a packed calendar.
Turning our eyes to the indices, there's an air of bullish optimism as most are hovering around, or have reached, their long-term highs. This positive vibe from Friday seems to have carried over, albeit with a slight dip today. It's a clear indication that bullish sentiment is holding strong in the indices market.

The story is quite different in the commodities sector. Here, we're seeing a modest upswing at the start, but the overarching mood remains bearish, especially for silver. Last week was a tough one for silver traders, with each day ending in red, and Friday being particularly harsh. Gold too didn't fare much better, with its performance last week and a particularly dire Friday. Today, gold begins trading below critical supports, painting a rather bleak picture. Oil, on the other hand, is showing signs of resilience with a rebound over the past two days. However, it's important to note that the long-term sentiment for oil still skews negative.

As we drift over to the currency markets, there's a noticeable correction in the Yen, which had a strong run last week. The Australian dollar is also experiencing a minor correction, but nothing to write home about. The real action seems to be unfolding in pairs involving the Euro. The Euro to Swiss Franc is making a stand at a pivotal horizontal support, the Euro to New Zealand Dollar is showing similar resilience, and the Euro to Japanese Yen is recovering from last week's steep fall. These setups are hinting at potential bullish opportunities in the days ahead for Euro pairs.
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