Sydney, Nov.29, hot stock picks .- Yesterday's long tail on the spot gold daily chart indicates support at $1700 per ounce. Recovery above $1750 would signal another test of $1800. 63-Day Twiggs Momentum well above zero continues to indicate a healthy up-trend. A weakening dollar would strengthen the signal.
* Target calculation: 1800 + ( 1800 - 1700 ) = 1900
The Dollar Index (weekly chart) is testing medium-term support at 80.
Failure would threaten a head-and-shoulders reversal. Breach of primary support
at 78.50 would offer a target of 74*. 63-Day Twiggs Momentum holding below zero
already suggests a primary down-trend. Recovery above 81.50 is unlikely but
would indicate an advance to 84.
* Target calculation: 79 - ( 84 - 79 ) = 74
The DJ-UBS Commodity Index (weekly chart) respected support at 140, helped
by the weaker dollar. 63-Day Twiggs Momentum above zero suggests a primary
up-trend but reversal would re-test primary support at 126.
Nymex WTI Light Crude and ICE Brent Crude both trend downwards but the gap
between the two is widening. Middle East tensions affect Brent Crude supply
more than its West Texas cousin. 63-Day Twiggs Momentum holding below zero
warns of a primary down-trend. Breach of primary support would confirm: WTI at
$78 per barrel and Brent Crude at $90.
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