Which support will be the best entry point?
Based on strong DXY and fib on daily tf and usoil short target
I'm a bit sceptical about shorting Gold. Technical indicators are pointing there, also the strong dollar and my bearish view on oil the next couple of session. But, even if this is rare. I could see Dollar and Gold rise at the same time, since negative rates and uncertainty in the market, doesn't give hedge funds much options... Maybe a drop to ~1240-1250 area,...
I would like to finally see a test of the 2020 area. SPX can't rise and downwards pressure is high. Since central banks may support or at least not dump their portfolio yet, it might be a hard path get there. But ey, it isn't a far fetched target - fingers crossed.
Strong DXY, bullish USD/CAD, oil inventory report, everything is tell me this needs some retrace. Next target ~$46.76
More upside expected, also with the possible rate hike.
4 daily bodies below ~2064,
bulls exhausted. Price too high, needs trimming.
new trendline established, so far it looks good and not too steep. It could hold a while.
If trendline gets broken I expect the following targets: 1st target: $504.00 2nd target:$ 587.97
next target 48.25, then 50.91.