{"id":5963,"date":"2012-10-31T23:25:34","date_gmt":"2012-11-01T03:25:34","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=5963"},"modified":"2012-10-31T23:25:34","modified_gmt":"2012-11-01T03:25:34","slug":"gold-and-dollar-test-support-2","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/31\/gold-and-dollar-test-support-2\/","title":{"rendered":"Gold and dollar test support"},"content":{"rendered":"<p>The Dollar Index (daily chart) broke medium-term resistance at 80 before retracing to test the new support level. Penetration of the descending trendline indicates the correction has ended. A long tail on Wednesday indicates (short-term) buying pressure; respect of support would signal an advance to 81. But the primary trend is downward &#8212; reflected 63-day Twiggs Momentum oscillating below zero &#8212; and breach of support at 79 would signal a decline to 75*.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" alt=\"US Dollar Index\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2012\/2012-11-01-dxy.png?w=525&#038;ssl=1\" \/><\/p>\n<p style=\"text-align:right;font-size:.9em;\"><span style=\"color:#999999;\">* Target calculation: 78 &#8211; ( 81 &#8211; 78 ) = 75<\/span><\/p>\n<p>Still on the daily chart, spot gold found short-term support at 1700, penetrating the descending trendline. A stronger dollar would suggest further gold weakness but the $DXY primary trend remains down. Expect another test of $1700 but respect would signal a rally to $1800 per ounce*. A 63-day Twiggs Momentum trough above zero would signal a primary up-trend, while breakout above $1800 would confirm.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" alt=\"Spot Gold\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2012\/2012-11-01-gold.png?w=525&#038;ssl=1\" \/><\/p>\n<p style=\"text-align:right;font-size:.9em;\"><span style=\"color:#999999;\">* Target calculation: 1650 + ( 1650 &#8211; 1500 ) = 1800<\/span><\/p>\n<p>The DJ-UBS Commodity Index (weekly chart) reflects an easing inflation outlook, breach of medium-term support at 145 signaling a correction. A 63-day Twiggs Momentum trough above zero would suggest a primary up-trend, while a fall below zero would mean further weakness.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" alt=\"DJ-UBS Commodity Index\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2012\/2012-11-01-dubs.png?w=525&#038;ssl=1\" \/><\/p>\n<p>Brent Crude (weekly chart) is testing support at $108 per barrel. Breakout would indicate a decline to $100. Reversal of 63-day Twiggs Momentum below zero would strengthen the bear signal.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" alt=\"ICE Brent Crude Afternoon Markers\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2012\/2012-11-01-crude.png?w=525&#038;ssl=1\" \/><\/p>\n<p style=\"text-align:right;font-size:.9em;\"><span style=\"color:#999999;\">* Target calculation: 108 &#8211; ( 117 &#8211; 108 ) = 99<\/span><\/p>\n<p>Nymex WTI Light Crude is falling faster, headed for a test of primary support at $76\/$78 per barrel. A 63-day Twiggs Momentum peak below zero warns of a primary down-trend.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" alt=\"Nymex WTI Light Crude\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2012\/2012-11-01-nymex.png?w=525&#038;ssl=1\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Dollar Index (daily chart) broke medium-term resistance at 80 before retracing to test the new support level. Penetration of the descending trendline indicates the correction has ended. A long tail on Wednesday indicates (short-term) buying pressure; respect of support would signal an advance to 81. But the primary trend is downward &#8212; reflected 63-day &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/31\/gold-and-dollar-test-support-2\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Gold and dollar test support&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,35],"tags":[495,1064,1073,2529,3204],"class_list":["post-5963","post","type-post","status-publish","format-standard","hentry","category-gold-commodities","category-us-dollar-index","tag-brent-crude","tag-dj-ubs-commodity-index","tag-dollar-index","tag-nymex-wti-light-crude","tag-spot-gold"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Gold and dollar test support - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold and dollar test support - the patient investor\" \/>\n<meta property=\"og:description\" content=\"The Dollar Index (daily chart) broke medium-term resistance at 80 before retracing to test the new support level. Penetration of the descending trendline indicates the correction has ended. A long tail on Wednesday indicates (short-term) buying pressure; respect of support would signal an advance to 81. 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A long tail on Wednesday indicates (short-term) buying pressure; respect of support would signal an advance to 81. 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events. He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.","sameAs":["https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/","https:\/\/www.instagram.com\/colin_thepatientinvestor","https:\/\/au.linkedin.com\/in\/colintwiggs"],"url":"https:\/\/thepatientinvestor.com\/index.php\/author\/investor\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9tQ4n-1yb","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":3984,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/03\/29\/gold-and-the-dollar-both-weaken\/","url_meta":{"origin":5963,"position":0},"title":"Gold and the Dollar both weaken","author":"Colin Twiggs","date":"March 29, 2012","format":false,"excerpt":"The Dollar Index is retracing to test primary support at 78.00 on the weekly chart. Respect of the rising trendline would signal continuation of the primary up-trend, while failure of support would warn of a down-trend to test support at 73.00. Reversal of 63-day Twiggs Momentum below zero would strengthen\u2026","rel":"","context":"In &quot;Gold &amp; Commodities&quot;","block_context":{"text":"Gold &amp; Commodities","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/gold-commodities\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6097,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/11\/08\/the-gold-euro-dollar-conundrum\/","url_meta":{"origin":5963,"position":1},"title":"The Gold-Euro-Dollar conundrum","author":"Colin Twiggs","date":"November 8, 2012","format":false,"excerpt":"The Euro broke support at $1.28 against the greenback (weekly chart). Respect of the descending trendline warns of a down-swing to test primary support at $1.20. Reversal of\u00a0 63-day Twiggs Momentum below zero would strengthen the signal. But the Dollar Index and Gold suggest the opposite. Recovery above $1.28 would\u2026","rel":"","context":"In &quot;Forex&quot;","block_context":{"text":"Forex","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/forex\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5267,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/08\/14\/dollar-up-trend-continues-gold-finds-support-commodities-range-widely\/","url_meta":{"origin":5963,"position":2},"title":"Dollar up-trend continues, gold finds support, commodities range widely","author":"Colin Twiggs","date":"August 14, 2012","format":false,"excerpt":"The US Dollar Index is testing support at 81.50\/82.00. Respect of support and the rising trendline would confirm the primary up-trend is intact, offering a target of 86.00*. Breakout above 83.50\/84.00 would confirm the advance. In the longer term, expect a test of the 2010 high at 88.50. Oscillation of\u2026","rel":"","context":"In &quot;Gold &amp; Commodities&quot;","block_context":{"text":"Gold &amp; Commodities","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/gold-commodities\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5144,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/08\/09\/dollar-and-gold-strengthen-2\/","url_meta":{"origin":5963,"position":3},"title":"Dollar tests support, gold and commodities strengthen","author":"Colin Twiggs","date":"August 9, 2012","format":false,"excerpt":"The US Dollar Index made a false break above resistance at 83.50 before retracing to test support at 81.50. Respect of support and the rising trendline would confirm the primary up-trend is intact. Breakout above 83.50\/84.00 would signal an advance to 86.00* in the next few weeks and to the\u2026","rel":"","context":"In &quot;Gold &amp; Commodities&quot;","block_context":{"text":"Gold &amp; Commodities","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/gold-commodities\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2575,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/12\/08\/safe-haven-demand-for-dollar-and-gold-eases\/","url_meta":{"origin":5963,"position":4},"title":"Safe haven demand for dollar and gold eases","author":"ColinTwiggs","date":"December 8, 2011","format":false,"excerpt":"The Dollar Index is testing support at 78.00. Narrow consolidation above the support level indicates weakness. Recovery above 79.00 would relieve this, while failure of support would warn of another test of primary support at 75.00.\u00a0 Rising 63-day Twiggs Momentum, well above zero, however, suggests continuation of the up-trend. *\u2026","rel":"","context":"In &quot;Gold &amp; Commodities&quot;","block_context":{"text":"Gold &amp; Commodities","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/gold-commodities\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4680,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/06\/20\/rising-dollar-suggests-lower-gold-and-commodities\/","url_meta":{"origin":5963,"position":5},"title":"Rising Dollar suggests lower gold and commodities","author":"Colin Twiggs","date":"June 20, 2012","format":false,"excerpt":"The Dollar Index is testing medium-term support at 81.00\/81.50. Respect would confirm a healthy primary up-trend. Reversal below the rising trendline is unlikely, but would indicate trend weakness. Another trough above zero on 63-day Twiggs Momentum would strengthen the bull signal. * Target calculation: 81 + ( 81 - 78\u2026","rel":"","context":"In &quot;Gold &amp; Commodities&quot;","block_context":{"text":"Gold &amp; Commodities","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/gold-commodities\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/5963","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=5963"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/5963\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=5963"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=5963"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=5963"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}