Fundamental

Weekly analysis of oil, Forex, gold, silver and major indices. Identify key levels, volatility and potential trading opportunities.

It was a rough and volatile week for the US Dollar (USD).

Gold (XAU/USD) kept winning this week, and on Thursday it briefly reached new all-time highs just beyond the $5,600 mark per troy ounce. Since then, the yellow metal has entered a correction phase, as some traders took profits at the right time and the US Dollar (USD) rose sharply.

The EUR/USD pair soared in the last week of January, hitting a multi-year high of 1.2082 before finally retreating and trimming most of its weekly gains to settle around the 1.1900 level.

The Pound Sterling (GBP) accelerated its bullish momentum against the US Dollar (USD), with GBP/USD recording its highest level in four years near 1.3870 before experiencing a late pullback.

The USD/CHF pair is attempting to form a bottom as speculation of Swiss National Bank intervention grows, making a rebound increasingly likely.