Bullish on Gold, Bearish on Crude & USD

Summary:  Awesome buy day for gold today!  There is a conditional gold daily buy for Friday.  There are crude daily sell signals through next Monday.  There is a USD daily sell signal for Friday.

Reminder of This Week's Outlook:  The gold chart is still pointing down overall, but is displaying a similar inflexion as the crude chart did when crude turned up near the end of August.  Could that signal an upward turning point for gold?  Crude may have more downside, but appears within a week or two of an upward change of trend.  The USD wants to continue up, but needs to stay above 95 if it's serious.

Please see the latest Market Mood Indicator (MMI) signal crude, gold and the USD.

MMI Crude: There are daily sell signals through next Monday. 

    CL   Trade Signal H.P. ?**
9/13  SELL  
9/14  SELL  
9/17 (open)  SELL  
9/17  SELL  

**.H.P. = Higher Probability Trade Signal

MMI Gold:  There is a conditional daily buy for Friday.

    GC    Trade Signal H.P.? **
9/13   NONE  
9/14   Buy if 9/13 close > 1203.3  
9/17 (open)    

**H.P. = Higher Probability Trade Signal

MMI U.S. Dollar Index:  There is a daily sell signal for Friday.

     DX       Trade Signal H.P. ? **
9/13  NONE  
9/14  SELL  
9/17 (open)    

**H.P. = Higher Probability Trade Signal

Daily MarketMood (MMI) Commodity Signals:  The latest daily signals are posted under each commodity section.  While the signals were developed with futures contracts, they can be traded using a variety of ETFs.  Changes to next day MMI signals may occur about 5% of the time, and will be announced in updates and in the daily reports should they occur.  Same day signals will not change.  Day 2, 3, or later signals reflect the most current information, and are subject to change.  Unless otherwise specified, the default trade per the daily signal is executed at market on close week days (5 PM for futures) and market on open for the weekend (6 PM Sunday for futures).  As daily up/down signals, the MMI signals are correct about 60% of the time.  The higher probability (H.P.) signals are correct about 65-70% of the time.  Please manage your trading risk accordingly.

Dr. Cari Bourette is an analyst at ElliottWaveTrader.net, where she provides her proprietary market mood analysis in our flagship service, "Avi's Market Alerts."