Crude Oil Looks for Clues as Gold tests the Lows of its range ahead of a busy week for day traders around the Globe
Personal Income |
Personal Expenses |
Very interesting trends we can see in personal income and expenses as referenced in the charts posted above. You can easily see the personal income has been declining on the year, but has jumped a little recently (assumed to be from lower commodity prices with the rising US Dollar).
US Dollar Index 89Range SchoolOfTrade.com |
US Dollar Index 13Range SchoolOfTrade.com |
Gold Futures SchoolOFTrade.com |
The Gold Futures are trading at the lows of the major price wedge, and we can see a sideways range around the lower trend line of the wedge. With a narrow wedge on the dollar and this location on gold we are assuming we will be seeing sloppy price action until we make new highs or new lows. We’ve seen this before, and we need to beware the fake-out breakouts on Gold, we will discuss more in the trade room today.
Crude Oil Futures SchoolOfTrade.com |
And crude oil futures are trading in a very narrow price wedge as well, inside of a sideways range and in the middle of this strong bearish price channel. We will be using this ‘inside day’ to our advantage today in our day trading.