GOLD, DOLLAR, OIL and DOW JONES

Interesting market yesterday, because the charts show some new sign of reversal for GOLD,OIL, and DOW JONES.


GOLD

Gold gapped up yesterday and now above MA 20 and MA 50 which signal strength. Also it breaks the downtrend line.


OIL

Oil has broken the downtrend and close above MA 20 and MA 50 which also signals strength. MACD crossing and pointing up.

DOLLAR

Dollar has broken the support line and may find support on MA 20. Today the dollar futures is up while stock market has not opened yet. The dow, gold futures also point up. Usually dollar futures would be points down if gold and dow futures point up. We have to check whether the inverse correlation between them still valid or starting to change.

DOW JONES

Dow Jones close above its MA 20, again it signals strength. Also DOW has broken the downtrend line.
Because DOW still below MA 50 the uptrend has not been confirmed. Should wait for higher low for another confirmation for conservative trader.
With less bad news to discount,good news from US economy indicator, it is likely stock market will go up in short term.
The most bad news is Greek debt which has been contained for a while.


Best regards


Snip