Falling crude prices show a dead cat bounce at $50/barrel, warning of further selling pressure. OPEC production cuts have not helped much as the market anticipates slowing demand from China.
The Dollar Index is strengthening, with Trend Index troughs above zero signaling buying pressure. Follow-through above 97.50 would signal an advance to 100 in the medium-term (next quarter).
Gold rallied to test resistance at $1250/ounce but this is still a bear rally and another test of support at $1180 is likely. Breach would warn of a decline to the 2015 low at $1050/ounce.
The All Ordinaries Gold Index ran into strong resistance at 5100. Declining Trend Index peaks warn of selling pressure. Breach of 4900 would warn of another test of 4550.
