The US Dollar Index broke resistance at 83.50, signaling continuation of the primary advance to the 2010 high at 88.50, with an interim target of 86.00*. 63-Day Twiggs Momentum oscillating above zero reinforces the up-trend.
* Target calculation: 82 + ( 82 – 78 ) = 86
Spot Gold shows strong support at $1530 per ounce and penetration of the descending trendline now suggests that a bottom is forming — possibly in anticipation of further QE by the Fed. 63-Day Twiggs Momentum below zero continues to warn of a primary down-trend, while recovery above zero would confirm that a bottom is forming. Breakout below primary support at $1530 would offer a target of $1300*; recovery above $1640 would indicate a new up-trend.
* Target calculation: 1550 – ( 1800 – 1550 ) = 1300
Spot Silver is weaker and continues to test primary support at $26 per ounce. Failure would offer a target of $16*.
* Target calculation: 26 – ( 36 – 26 ) = 16
The CRB Commodities Index is testing its descending trendline. Breakout would warn that the down-trend is ending, but reversal below 295 would suggest another test of 265. The S&P 500 is likely to follow commodities lower.
* Target calculation: 265 – ( 305 – 265 ) = 225
Brent Crude has already penetrated its descending trendline, suggesting that a bottom is forming, but 63-day Twiggs Momentum continues to indicate a primary down-trend. A peak below zero would signal a primary decline to $75 per barrel*.
* Target calculation: 100 – ( 125 – 100 ) = 75
US Dollar-going up ?? Explain the down day 25 JULY !!!!!!!
Yes it looks pretty scary, but the weekly trend is still up.
nice work as far as i can see