Here are my discretionary thoughts on forex and commodities. I only trade the S&P 500.
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- Will the U.S. Dollar Index bounce to 90.5 again?
- Gold and silver will probably retest their support trendlines.
7 am: Will the USD Index bounce to 90.5 again?
There is an inverse correlation between stocks and gold/silver right now. The stock market is down this morning (futures trading), which is why the U.S. Dollar Index is up.
The U.S. stock market will probably make a pullback. Based on this inverse correlation, the USD Index will probably bounce to 90.5 again.
7 am: Gold and silver will probably retest their support trendlines.
Gold and silver’s short term price action is still bearish. Silver is falling more than gold, which is not normal for a rally in a bull market. I expect gold and silver to fall to their support trendlines before bottoming and resuming their bull market rallies.
Read Forex & commodities on February 19, 2018.
I only trade stocks. These are just my thoughts/outlook on other markets.
- Gold and silver will break above their tight range in the first half of 2018.
- I’ve decided to buy some gold and silver as long term investments.
- The U.S. Dollar is in a bear market.