Forex & commodities on May 2, 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

  1. USD Index is at 92.4 resistance. A breakout from here would bring the USD Index to 94.
  2. If the USD Index breaks above 92.4, gold and silver will break below their support levels.
  3. If the USD Index breaks above 92.4, oil will make a short term pullback.

1 am: USD Index is at 92.4 resistance. A breakout from here would bring the USD Index to 94.
The USD Index has approached its 92.4 resistance as expected. This is a relatively small resistance. If the USD breaks out above this resistance, then the next target is 94. That is the big resistance which I don’t think the USD Index will be able to cross.

1 am: If the USD Index breaks above 92.4, gold and silver will break below their support levels.
Gold and silver are trying to hold their support levels despite the USD Index’s breakout.


If the USD Index breaks above its 92.4 resistance, then gold and silver will finally begin a medium term breakdown.
1 am: if the USD Index breaks above its 92.4 resistance, then oil will make a short term pullback.
USD’s rally since April 17 has put downwards pressure on oil. The USD’s rally stopped oil’s rally.


If the USD breaks out above its 92.4 resistance, then oil will make a short term pullback.
Read Forex & commodities on May 1, 2018: outlook

Bottom line

I only trade stocks. These are just my thoughts/outlook on other markets.

  1. Gold and silver are in bull markets.
  2. I’ve decided to buy some gold and silver as long term investments.
  3. The U.S. Dollar is in a bear market.

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