The dollar is testing 50 DMA support at 82.32 as it drops on the weak housing. COMP is back above 2550.
Gold (chart) did a lower low yesterday with a bullish divergence and that could be supportive. Bulls want to see confirmation with a close above the 10 day moving average, currently at 662, which has been heavy resistance since the May 10th drop. Adding support is an oil bid which is unlikely to fall apart ahead of the weekend, but be aware that any geo-political resolution could send oil down at the open next week. QM (oil) has to hold the gap close at 64.175.
Gold (chart) did a lower low yesterday with a bullish divergence and that could be supportive. Bulls want to see confirmation with a close above the 10 day moving average, currently at 662, which has been heavy resistance since the May 10th drop. Adding support is an oil bid which is unlikely to fall apart ahead of the weekend, but be aware that any geo-political resolution could send oil down at the open next week. QM (oil) has to hold the gap close at 64.175.
This entry was posted
on Friday, May 25, 2007 at 5/25/2007 10:14:00 AM.
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