The US Dollar is in a primary up-trend, the Dollar Index having broken resistance between 81 and 82. Retracement is likely to test the new support level; respect of 81 would confirm a healthy up-trend. Respect of the zero line by 63-day Twiggs Money Flow would likewise strengthen the signal.
By: Colin Twiggs
Spot gold is also testing a new support level — this time on the daily chart
— after breaking resistance at $1600/ounce. Penetration of the declining
trendline suggests that the down-trend is weakening, but 63-day Twiggs Momentum
remains firmly below zero. Follow-through above $1640 would strengthen the bull
signal — as would recovery of Momentum above zero — but failure of $1600 would
re-test $1540.
Brent crude broke its mid-2011 low at $100/barrel, offering a long-term
target of $75*.
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