GOLD, SILVER, CRUDE OIL and DILLAR INDEX
MARKET OUTLOOK ALERT
FOREX TRADE ALERT for US DOLLAR INDEX, GOLD, SILVER, CRUDE OIL.
TRADE ALERT for GOLD.
Spot gold broke through resistance at 950, but the tall shadow and weak close are unconvincing. Follow-through above $960 would confirm that the correction is over, while reversal below $940 would signal continuation — and a likely test of primary support at $865. In the long term, breakout above $1000 would signal a primary advance with a target of 1100, while failure of primary support at $865 would test the November 2008 low of $700.
TRADE ALERT for SILVER.
Spot silver rallied to test medium-term resistance at $13.80; breakout from the trend channel indicating that the secondary correction is weakening. Respect of resistance would test support at $12.50. The correction is not over, however, until we see a higher trough followed by a new high. In the long-term, penetration of support at $11.80 would warn of a primary down-trend, while respect of primary support would indicate another test of $16.
TRADE ALERT for CRUDE OIL.
Crude oil and commodities prices rallied sharply, but remain in a secondary correction. Brent crude breakout above $67/barrel would indicate that the correction is weakening, while respect of resistance would signal another down-swing. The primary trend remains upward — assisting precious metal prices as inflation fears rise.
TRADE ALERT for US DOLLAR INDEX.
A down-turn in the US Dollar Index would also boost precious metal prices. Breakout from the narrow consolidation between 79.50 and 81 will test primary support at 78.50. Failure of support would warn of another primary decline, targeting the lower channel border. Recovery above 81 is most unlikely, but would signal a test of the March low at 83.
“I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them”.
~ Tomas Jefferson (1743 – 1826)
4xGenie Support Team
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%%GOLD, SILVER, CRUDE OIL and DILLAR INDEX | MARKET OUTLOOK%%
GOLD, SILVER, CRUDE OIL and DILLAR INDEX | MARKET OUTLOOK
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