Crude and USD Looking Higher, Gold in Bottoming Phase

Summary:  There is no longer a crude daily trade signal for Friday, but there remains one for Friday close through Tuesday.  If crude closes Friday nearly unchanged as it did today, the weekend signal will be cancelled.  There is no longer a USD daily trade signal for Friday.  

Outlook next few weeks:  The outlook for the general trend over the next few weeks is up for crude, bottoming for gold, and up for the USD.

Daily 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). A Wednesday buy signal for example, is for Tuesday close to Wednesday close.  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.

MMI Crude

Latest forecast info:  There is a daily sell for Friday close through Tuesday (unless Friday closes near unchanged).

    CL   Trade Signal H.P. ?**
3/29   NONE  
4/1 (open)   SELL  
4/1   SELL  
4/2   SELL  

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

MMI Gold Latest forecast info:  The chart shows a previously overbought gold market reconnecting with sentiment.  Gold will probably get below 1291 before forming a local bottom.

Weekly buy level: Longs favored above 1315 GC M. 

Weekly sell level: Shorts favored below 1309 GC M.

    GC    Trade Signal H.P.? **
3/29  NONE  
4/1 (open)  NONE  
4/1    

**H.P. = Higher Probability Trade Signal

MMI U.S. Dollar Index

Latest forecast info:  There are no daily trade signals through the weekend.

     DX       Trade Signal H.P. ? **
3/28  BUY  
3/29  BUY  
4/1 (open)    

**H.P. = Higher Probability Trade Signal

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."