Well… what an interesting weekend this has been.
With talks about WW3 and the tension escalating between Iran and Israel, it can leave an overwhelming sense of certainty for market participants. However, we are still within our annual ranges so there isn’t room for major concern just yet. Until we retest 5820-5848, we remain on the sidelines. It’s quite funny to think that even something such as FOMC or CPI isn’t much of a factor right now as global events have been.
With price of crude also climbing and Gold approaching new highs, everything seems like it’s on the fence. I think the best way to approach this is to trade the edges until one end breaks. So far, Gold has yet to break highs and oil can remain volatile. We can monitor the USD closely for any signs of upcoming volatility as well. For now, we are well aware that major ranges have not broken, yet, and if/when they do, we will be prepared.