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Welcome and thank you for visiting!

The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex

N.B.
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.

DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...

Dots

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Late Summer

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UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
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*** Click here for link to Economic Calendars for all upcoming events

IMPORTANT BLOG POST UPDATES...
* Trade Wars have escalated and now include diplomatic wars PLUS President Trump is cannibalizing prior U.S. market gains with his tariff tantrums against its world trading partners, while destabilizing a delicate world market balance

Wednesday, February 20, 2013

Gold, Platinum, Comodities ETF, & AUD/USD

1580 is pretty significant support for Gold. A break and hold below could send it down to 1500, as shown on the Weekly chart below.

By the way, a bearish (50 & 200) moving average "Death Cross" is forming today on the Daily timeframe, hinting at further weakness, unless it resolves itself soon.


Platinum failed to break out and hold above this large triangle and is swirling around its 5-Year Weekly Volume Profile POC. Further weakness could send it down to its confluence level of the 50 & 200 smas and lower triangle (note that we have a very recent bearish "Death Cross" formation on this timeframe, so price has not yet been resolved to the upside).


Further to my post of February 19th, price has fallen today on the Commodities ETF (DBC). We'll see if the 50 sma (red) holds on the Weekly timeframe at 27.66.

I'm also watching price action on the AUD/USD Forex pair as it swirls around its Weekly 50 sma before it breaks out of its trading range.


In conclusion, I'd say that Commodities, in general, are in "neutral territory," with a hint of further weakness waiting in the wings, and the Weekly 50 smas playing a role in either providing solid support, or giving way for this Sector and commodity currency (Aussie $) to weaken further.