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Bob Byrne talks gold, crude, copper and more

 Let’s take a quick look at the weekly chart of the US dollar, the 4 hour chart of the Emini, and the daily charts of crude, gold, copper, and the 10 YR. 

As you can see below, the greenback fell steadily from 2002 until its bottom in 2008. If traders continue to formulate their current market opinion around the dollar’s demise…keep and eye on the 74.65 level. The bottom in late 2007 was 74.65 and it acted as resistance in mid 2008 prior to dollars surge back towards 90.

Dollar Index

The levels to watch most closely on the Emini are 1065.75 and 1047.50…as well as that obvious rising wedge. A daily close above 1065.75 likely sends us to (and through) 2009 highs.

Emini

 Crude is stuck between 73 and 65.25. Gun to my head—its more neutral than bullish, but I would tend to avoid this chart until it closes above 73 or below 65.25.

crude

 Gold is over-extended but quite obviously in an uptrend. Any pullback should find initial support near 991 (trendline support there as well).

Gold

 The chart of Copper is bit messy. The metal is either putting in a top or stuck in consolidation…time will tell. For now, I would tend to avoid it until it closes above 295.75 or below 264.80.

Copper

 The 10 Yr has had a fantastic move off the 1 year trough-to-trough cycle low in mid June. Given the long term trendline and major resistance at 120 I would not be surprised to see the 10 YR chop around a bit.  Support comes in towards 118 and again near 116.30. A sustained trade above 120 and this thing has room to run.

The 10- Yr

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Disclosure: No positions were held at the time of publication, though that may change at any time.