The Dollar Index continues to test resistance at its former primary support level of 93. This is a bear market rally. Rising crude prices are bearish for the Dollar and respect of resistance would confirm another decline.
*Target: 93 – ( 103 – 93 ) = 83
Nymex Light Crude has advanced since breaking resistance at $50/barrel. Target for the primary advance is $54/barrel. Retracement to test the new support level remains likely but respect would confirm the up-trend.
Spot Gold continues in a primary up-trend. Political tensions are high and a weaker Dollar would drive another gold advance. A correction that respects the rising trendline would signal a primary advance. Follow-through above $1350 would confirm. A Trend Index trough above zero, indicating buying pressure, would strengthen the bull signal.
Target 1300 + ( 1300 – 1200 ) = 1400