Note: The S/R levels (i.e. likely bank trader order levels) as depicted in their respective timeframes in this and prior articles have not changed, and will probably NEVER change regardless what happens in financial markets. What follows is my own world view, developed from an institutional trading career dating back to 1995.

Traditionally, an inverted yield curve normally means market players see more risks, say, 2 years ahead instead of 10 years down the road.

Traditionally. But these are not normal times, and markets seem to still be confused about how to play this.

One thing they’re not confused about: buy gold.

The following are our S/R levels going into the weekend.

As you can see in all the H4 charts for the major USD pairs, despite there being enough opportunity for intraday gains, FX has not been making any new peaks or valleys.

But gold may just cross over the next ceiling at 1530 after a convincing open above 1500 earlier in the week.