As you know many of the commodities
and currencies are influenced by the value of the US dollar
. The chart shows that the up trend line
from last year has been broken but there has been no close below the strong support at about 93.15 And the momentum indicators are oversold. So will the dollar bounce up from here to go to a new high (likely sending gold
, and oil
to new lows) or will it continue down from here?? Personally I think if it goes above 95.92 there is likely a jump to a new recent high. My best guess is that it will go lower and close below the resistance line but like all guesses it is best to wait for price confirmation. Take care. Goodguy.