Forecast of GOLD, EURUSD and Crude Oil this new week

The US dollar is currently showing greater weakness in strength. This is especially fueled with the increasing new cases of the Delta Variant of the Corona Virus recorded on daily basis at a high number.Thus the United States has registered 319,000 new cases of CoronaVirus Delta type over the weekend. Data from Johns Hopkins University on Saturday show that the United States has registered 319,456 new cases of CoronaVirus in the past 24 hours, a new record since the epidemic began.The university equally reported that there have been 2,677 Corona Virus deaths in the past 24 hours. This is definitely a very bad news for the US dollar. More weakness for dollar sure to manifest in the new week. Strengthening other commodities as Gold and Crude Oil.

Gold Price Analysis and Forecast: Strong Bullish movement to the next resistance at 1830.

Historically, there has existed an inverse relationships between Gold and U.S dollar. Weakness in dollar has always favored the precious metal. The current data on Treasury yields and the further shift in inflation rate are weighing positively on the precious metal. The Dollar Index (DXY) has maintained a high level of negative correlation to Gold, while bond yields have been soaring higher alongside Gold.

Fundamentally, we are most likely to see a rally in Gold prices this new week with the delta variant plaguing the US very badly including some of the developing worlds as Japan, Australia and New Zealand. Equally, other key financial and logistical events such as the recent China port shutdown as well as Australia and New Zealand‘s ’zero tolerance approach to COVID-19, will definitely make gold the safe-haven for investors and other institutions. This recent influence no doubt has been helping the price of Gold to hold its head high above key levels support since the last sell-off two weeks ago.

Gold prices has continued It's consolidation over the week and awaiting a strong Bullish movement. The low was at $1770.60 and the high was at $1795.37. The price of gold has consolidated in a up and down trading range last week. A strong Bullish movement is expected for Gold this week towards the resistance at 1830.

EURUSD Price Analysis and Forecast:

EURUSD had retested it's strong support at $1.16600 in the past week and is currently on a strong positive movement amidst the increasing dollar weakness. At present the price is ranging at $1.16996. The Bullish movement is expected to continue in this new week up to the first resistance at $1.18000. More buys is expected to take place at this region and could take the price higher once this resistance is surmounted.

Crude Oil Analysis and Forecast: Strong Bullish movement expected.

The price of Crude Oil is currently sitting at a strong support after the pull back last week. The market has so much respected the current support. With the current decline in Economic engagements due to the sudden rise in the Delta Variant of the Covid 19, investors are definitely expected to revert to crude oil this new week. This price is expected to recover counting down this new week. The next resistance to anticipate this week is at $69.10.