Here are my discretionary thoughts on forex, commodities, bonds, and cryptocurrencies. I only trade the stock market.
Go to the homepage for my latest thoughts on the markets.
- U.S. Dollar Index has exactly touched its 94-95 resistance zone.
- Gold and silver’s risk:reward are medium term bullish because the U.S. Dollar is medium term bearish.
- Bitcoin is getting closer to its $7300-$6500 support zone.
2 am: USD Index has exactly touched its 94-95 resistance zone.
The U.S. Dollar has exactly touched the lower end of its 94-95 resistance zone (previous tops on October 8, 2017 and December 12, 2017).
The USD might go a little higher in the short term (e.g. to top end of the 94-95 resistance zone). But its’ medium term risk:reward is bearish. Focus on risk:reward instead of catching exact tops and bottoms.
2 am: Gold and silver’s risk:reward are medium term bullish because the U.S. Dollar is medium term bearish.
Gold and silver have a strong inverse correlation with the U.S. Dollar right now. The U.S. Dollar’s risk:reward is medium term bullish because it is in the 94-95 resistance zone. This makes gold and silver’s medium term risk:reward bullish.
Silver hasn’t broken down below its support range despite the USD’s rally. Imagine how far silver will rally once the USD’s rally is over.
2 am: Bitcoin is getting closer to its $7300-$6500 support zone.
Bitcoin is getting closer to its $7300-$6500 support zone, as outlined yesterday. A more accurate support zone is $7000 – $6500.
Read Other markets on May 23, 2018: outlook
I only trade stocks. These are just my thoughts and 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.