Gold-Oil-Silver: What’s next?
|The USD theme is about to be the largest market talking point, aside from the US/China trade scenario that is.
We are sailing into today’s London dealing session with Gold attempting a bounce back, now $1,456, Oil pulling back of $58 and Silver dealing under $17 again.
All of this points to possible reversal, minor reversal at least, in the USD.
I am calling for soft USD to be the theme and this could be accelerated & HIGHLIGHTED BY THE US Consumer Confidence data that rolls out after the US dealing session is online.
The FX pair to watch, as the reliable “leading indicator” is firmly, USD/JPY.
109 is not a level, but a drift back under 108.80 certainly tells us something – USD/JPY now 108.95.
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Where to next for Gold, Silver, Oil and USD/JPY for good measure?
Gold higher to $1,460, Silver & Oil to maintain their drift downwards and USD/JPY needs to bust to 108.80- before I rush to my SELL button for a significant move back to 108.30.
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