Forex & commodities on March 29, 2018: outlook
Here are my discretionary thoughts on forex and commodities. I only trade the stock market.
Go to the homepage for my latest thoughts on forex and commodities.
Thoughts
- The U.S. Dollar is still stuck at its 50 day moving average resistance.
- Oil is stuck at resistance. Bulls need to wait for a breakout.
- Gold and silver are stuck in a narrow range. Neither bulls nor bears have an edge here.
1 am: The U.S. Dollar is still stuck at its 50 day moving average resistance.
The USD Index has been swinging sideways for 2 months in a narrower and narrower range. The U.S. Dollar still cannot decisively break above its 50 day moving average resistance.
Neither bulls nor bears have an advantage here. Wait for a breakout or a breakdown.
1 am: Oil is stuck at resistance. Bulls need to wait for a breakout.
Oil has been unable to break its previous high resistance. Bullish traders need to wait for oil to break above this resistance before going long.
1 am: Gold and silver are trading near the bottom of a very tiny range.
Silver is at support, and gold has fallen from resistance.
Neither bulls nor bears have an edge here. Precious metals are stuck in a narrow range. Wait for a breakout or breakdown.
Read Forex & commodities on March 28, 2018: outlook
Bottom line
I only trade stocks. These are just my thoughts/outlook on other markets.
- Gold and silver are in bull markets.
- I’ve decided to buy some gold and silver as long term investments.
- The U.S. Dollar is in a bear market.