Spot Gold retreated from resistance at $1350/ounce. Penetration of the rising trendline warns of another correction. The immediate target is support at $1250.
Silver is also retreating. Breach of $15/ounce would strengthen the bear signal.
Crude oil has rallied since the start of the year but the primary trend is down and lower peaks on the trend index warn of further selling pressure. Breach of medium-term support at $52 would signal another test of primary support at $42 which would be bullish for the Dollar.
The Dollar is gradually strengthening. Breakout of the Dollar Index above its current range of 95.50 to 97.50 would be bearish for gold.
The Aussie Dollar held steady, while the All Ordinaries Gold Index retreated from its recent high above 6000. Expect a test of new support at 5400.
