Let’s face it, the trend for the US Dollar is pretty clear. Trump’s weird little missive about a strong dollar yesterday was just a blip.
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Big Picture Update on Commodities & Precious Metals
Note: I’d like to thank Slope readers and especially Slope’s distinguished proprietor for the opportunity to post for you tales of Amigos, Horsemen, mania, greed, arrogance, stupidity, fear, terror and all the macro nerd stuff within my view of markets. Happy New Year SoH –Gary
Some monthly charts of interest in the commodity sector, including precious metals.
CRB Index dwells below key resistance. A break of 200 would target around 250 in 2018.
CRB/SPX Ratio shows the utter devastation of the Goldilocks era of Central Bank inflation with no apparent consequences. This is not likely to last. (more…)
$72.00 WTI Crude Oil?
As noted on the following Monthly chart, 72.00 (40% Fibonacci retracement level) could be the next major target for WTI Crude Oil.
Price briefly hit the 60.00 level today (Tuesday) and is trading above two levels of major support — 54.66 (23.6% Fib retracement level) and 48.00 (price and channel centreline support).
Commodities Strength Continues
Commodities, particularly oil, continue to be strong. You can see the breakout a few weeks ago from the range DBC was in, and the successful test afterward.
Commodities Ready to Strengthen?
The commodity ETF symbol DBC had been trapped beneath resistance for over two years, but it broke out recently. The weakness we saw in crude oil earlier this week dragged it down some, but it’s push up off support at this point (see arrow). If this level holds (16.05) we could be entering a new upswing in commodities.
As for my own trading day – – MEH – – down half a percent at the moment, but holding tough.
