Gold, Oil, USD: This Week

This Week's Summary:  Trends preparing for reversals-- Gold should be nearing a local high. The USD should be turning up.  The anticipated bounce in crude should be nearing completion, and the downtrend resume.

WTI CRUDE (CL)

Big Picture:  Last week's anticipated bounce in crude should be nearing completion, and the downtrend ready to resume.

GOLD (GC)

Big Picture:  Gold should be completing its bounce this week or next and start another leg down.

Trigger levels: for this week, there's added risk to be long below 1210 (GC Z), and to be short above 1213.  

U.S. DOLLAR (DX)

Big Picture:  The USD should be ready to turn up again.  95 is the uptrend / downtrend line in the sand.

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."