In the FX market, the U.S. Dollar fell last month as investors continue to think that the FED might ease its monetary policy especially after the central bank decided to not raise interest rates during its last meeting for the first time in 15 months. However, Jerome Powell said that the FED is ready to stick to tighter monetary policy by raising interest rates further if inflation remains high. Therefore, investors are looking to the upcoming FOMC meeting to get more guidance about the future of the monetary policy in the U.S. 

On the other side, gold managed to rebound by the end of last week after reaching a low of $1893 per ounce. Technically, the yellow metal remains under pressure, however, when looking at the bigger technical picture we can see that the main trend is still up while the short-term trend is bearish, and any advance is expected to stay limited while prices continue to trade below the 1937 resistance. On the flip side, a break below last week’s lows can trigger fresh selling in gold towards the 1885-1870 support zone.
Likewise, WTI crude managed to recover closing higher above the $70 mark. From a technical standpoint, oil prices are still stuck inside a wide range as we can see in the chart below with $67.00 a barrel acting as the main support. Sellers need to wait for a break below this level to validate a new wave of decline, otherwise, oil is likely to stay supported in the coming days and a retest of 72.50 weekly resistance cannot be ruled out.