The S&P 500 gapped higher at the open on Monday, as word got out that the French election went in more of a centrist attitude. The NASDAQ 100 also gapped higher but unlike the S&P 500 it has been a leader for some time.
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The EUR/USD pair gapped higher at the open on Monday as French election results came in less anti-EU than once thought. The British pound had a slightly negative day but continues to find buying pressure just above the 1.2750 level.
The USD/JPY pair initially gapped higher at the open on Monday, as news came across the wire that the French elections look more centrist than feared. The Australian dollar had a very choppy session as we continue to hang about the 100-day exponential moving average.
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The WTI Crude Oil market initially tried to rally on positive sentiment from the French elections, but the $50 level caused far too much in the way of exhaustion and resistance. Natural gas markets went back and forth during the session as well, and initially tried to rally.
Gold prices dipped to a two-week low on Monday after results from the French presidential elections abated investor appetite for the precious metal.
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Gold ended the week down by 0.58% at $1284.29, suffering the first weekly loss in six, as investors cashed in recent gains driven by a range of geopolitical tensions.
The EUR/USD pair initially fell during the day on Friday, but turned around to form a hammer which is a bullish sign. The GBP/USD pair initially fell during the day on Friday, but found support at the previously resistive 1.2750 level.
The USD/JPY pair fell initially on Friday but turned around to form a hammer. The Australian dollar fell initially during the day but continued to go higher.