An update on some commodities following this week.
Gold - Showing technical weakness. $1800 remains the number to overcome with $1600 to support it below
But in the context of the longer-term trend Gold has always taken its time within consolidation phases
Silver - continues to fail $35 with $29-30 support below
Copper - forming a narrow channel below $3.90 and above $3.70. Has a bit of a cup with handle look to it on the weekly
Crude Oil - Still has room to move before running into the $116 resistance mark. $110 proved to be resistance last week and if price breaks out of the daily bull flag it has formed a re-test of that mark looks likely.
Meanwhile, the U.S. Dollar Index had a bullish end to the week. It continues to traverse its weekly channel and an $80.50 resistance test could give clues to strength/weakness going forward.
The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at firstname.lastname@example.org
I am always open to questions, comments, or suggestions on how to improve this blog.