Here are my discretionary thoughts on forex and commodities. I only trade the stock market.
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- Oil is starting to breakout from its consolidation range. A potential bullish sign.
- The U.S. Dollar, gold, and silver are still consolidating in a range. Prepare for a breakout/breakdown.
3 am: Oil is starting to breakout from its consolidation range. A potential bullish sign
Oil has been stuck in a consolidation range for weeks. It is finally starting to break out.
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Oil’s pattern is starting to become bullish. It is making higher lows. We will have confirmation that oil’s rally has begun once oil breaks above $64.3. A break above $64.3 means that the bullish pattern of “higher highs and higher lows” is back in place.
Oil’s breakout from this consolidation range is a potential bullish sign so far.
3 am: the USD, gold, and silver are still consolidating in a range. Prepare for a breakout/breakdown.
The U.S. Dollar is still hovering around its 50sma resistance without a clean breakout. Its range continues to get narrower.
Likewise, gold and silver continue to hold on their multi-week support. Watch out for a breakdown in precious metals.
Read Forex & commodities on March 20, 2018: outlook
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.