Market Update 8/17 – USD Breakout?
The USDOLLAR pullback bottomed at 11911…just above 11900. Is this a massive breakout? It is until it isn’t (then it would be a failed breakout). Risk is higher until noted otherwise with focus on 12129/60.
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Market Update 8/16 – Gold and Silver Near Resistance
Gold is nearing the upper end of the cited range for resistance. The level is defined by support/resistance since April and the 200 period average on the 4 hour chart. I’m on reversal watch in gold.
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Market Update 8/11 – How Big of a USD Pullback?
Right on cue! USDOLLAR reversed lower from parallel resistance (again) today. I’m not sure how important the high is but short term focus is lower for now. The first level to pay attention to will be 11900.
Market Update 8/10 – USDCAD Short Opportunity
USDCAD has responded to noted resistance (VWAP and the trendline), so focus is lower. A downside level of interest is the 61.8% retrace of the rally from the June low at 1.2313. That level intersects the trendline from late January, which was support in mid-July. In other words, the line is well-defined.
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Market Update 8/9 – Silver Crashes – What Now?
The silver crash bounced from a median line today. While the action may feel like capitulation, I’m watching for resistance from the line that crosses lows in June and July (red line). That line is about 24.20. Very near term, price could bounce near 23.05 (see below). The 61.8% retrace of the rally from March 2020 is 18.71. Keep that level in mind for major support if reached.