![\"Spot](\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2013\/2013-06-12-gold.png?w=525&ssl=1\")
<\/p>\nGold retreated below support at $1400, indicating the end of the bear rally. Expect a test of primary support at $1320\/$1340. Yesterday’s long tail is evidence of short-term buying pressure, so breach of primary support is not a certainty. Respect would suggest another test of $1400.<\/p>\n
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* Target calculation: 1350 – ( 1500 – 1350 ) = 1200<\/p>\n
The Dollar Index is retreating after a false break above 84 on the monthly chart. Breach of support at 79 would complete a double top, signaling reversal to a down-trend. Fall of 13-week Twiggs Momentum below zero would strengthen the bear signal. Respect of the rising trendline remains as likely, however, and would signal a long-term advance to 89\/90.<\/p>\n
![\"Dollar](\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2013\/2013-06-12-dxy.png?w=525&ssl=1\")
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Crude is consolidating, with Brent likely to continue the down-trend after breaking support at $100\/barrel. Respect of resistance at $106 would strengthen the signal. Nymex WTI, however,\u00a0 is headed for resistance at $98. Breakout would signal an advance, but reversal below $90 is as likely and would test support at $85\/barrel. The spread between the two is likely to narrow as the European economy under-performs the US.<\/p>\n
![\"Brent](\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2013\/2013-06-12-crude.png?w=525&ssl=1\")
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A weakening Shanghai Composite Index is being followed lower by the Dow Jones\/UBS Commodity Index. Breach of medium-term support at 130 would signal a test of\u00a0 primary support at 125\/126. Commodities remain in a primary down-trend and are likely to stay there unless China resumes major infrastructure investment. Not good news for Australian resources stocks.<\/p>\n
![\"Dow](\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2013\/2013-06-12-dubs.png?w=525&ssl=1\")
<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold retreated below support at $1400, indicating the end of the bear rally. Expect a test of primary support at $1320\/$1340. Yesterday’s long tail is evidence of short-term buying pressure, so breach of primary support is not a certainty. Respect would suggest another test of $1400. * Target calculation: 1350 – ( 1500 – 1350 … <\/p>\n