The following comments were sent to Myra P. Saefong, Financial columnist
at Marketwatch.com at 9:44 AM EDT.
______________________________________________________
The Dollar is starting to resemble Rocky Balboa this week. It takes a
terrific beating with every release of economic news but it finds a way to
get back on its feet to fight another round. The short-term trend in the
Dollar v. the Yen is getting a little shaky with trendline support at 115.40
Yen being critical if the greenback is to continue this recent rally. The
Gold traders are still scratching their heads wondering how long this choppy
environment will last. With no real direction it's a very tough trading
environment and, for what it's worth, I still think the metals complex has
some work left on the downside before it finds a bottom. These are
definitely the "dog days" of summer. Still, the fact that the housing
sector has fallen into a coma, the long-term effects will soon become
apparent and the Dollar will suffer from the fallout. As this scenario
unfolds, it should bring stocks to their knees and provide metals traders
with plenty of incentive to move Gold and Silver to new all-time highs
eventually.
Dale F. Doelling
Chief Market Technician
Trends In Commodities
No comments:
Post a Comment