Gold is headed for a test of resistance at $1220*, though we are likely to see retracement to test support at $1160 in the short term. Rising Momentum (21-day) confirms the up-trend. Reversal below $1140 is unlikely, but would warn of a bull trap — and test support at $1080.
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Crude Oil
Crude retreated sharply after a false break above the broadening wedge formation. Reversal below the lower border would warn of a bear trap — and test of primary support at $70. Momentum completed a small bearish divergence, warning of a correction. Respect of support at $82 is unlikely, but would suggest an advance to $98*.
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US Dollar Index
The US Dollar Index rallied sharply to reach its target of 84*. Retracement to test the new support level is likely; a short retracement would signal further gains. Twiggs Momentum (21-day) breakout above the declining trendline confirms a fresh primary advance
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