S&P 500 Rally, Dollar Drop, and Gold's Rocky Path

Summary

The S&P 500 surged 2.3% last week, hitting a target of 7,400, with expectations of further upside to 7,650. In contrast, the dollar index (DXY) dipped 0.4% despite forming a double bottom, with a downward bias predicted due to weak follow-through. Gold, while up 1.9%, remains in a downtrend with resistance at 4,950, though an initial upward move next week is possible before a potential retreat. Gold miners ETF GDX climbed 8.6%, and silver rose 5.8%, with both showing potential for continued strength. Copper unexpectedly broke above $6.15, now facing resistance around $6.43, while its miners ETF, COPX, also saw significant gains. Oil experienced a drop, with bear flag patterns suggesting further declines, and the XLE ETF is expected to fall to around $49. Platinum showed positive movement, closing above moving averages, while palladium declined. Bitcoin broke out but failed to hold the 200-day moving average, with bearish patterns suggesting a potential drop to $25,000.