Tuesday, March 16, 2010

Oil, gold and the dollar - All at crucial levels

I knew that all three of the above - Oil, Gold and the Dollar - made significant moves today but I didn't realize at what important levels they were until I had a look at the charts right now. Here is what I see.

USO - Had a nice move up today on decent volume. The level to keep an eye on remains 40.50. There is a gap here from early January that remains to be filled and this is exactly where oil met resistance a few days back. The API numbers that came out today in the after hours were encouraging and I expect oil to have another shot at this level tomorrow.

GLD - Big gap up today. 110 is the important level here.

UUP - What makes things all the more interesting here is the dollar. It is almost right at the MA(50). It hasn't really been below MA(50) since December. This should make for some really interesting stuff tomorrow!

Take care and good luck tomorrow. If I find any interesting set ups, I shall post them up on twitter. Am too tired to do another post!

No comments: