Gold, Crude Oil Solid as DJIA Heads Towards 25,000
The DJIA hit new all-time highs Thursday breaking the psych mark at 24000 easily.
The DJIA future contract for December delivery hit the highest mark at 24 ,039, in extension of uninterrupted Bull run which extended into a 6th day running.
No signs of fatigue seen in the Dow so far despite being overbought on the daily, with price riding on extended 5th wave of 5-wave cycle from 21713, which now is seeing its 300% Fibo expansion at 24198.
DJIA is running for the 2nd strong Bullish monthly close, as part of 8-month uninterrupted Bullish action which accelerated more in the last 2 months.
And seven 1000 point moves on the Dow YTD. It on the cards for a move to 25,000 into years end, Santa Claus meets Goldilocks, a President Trump’s policies emerge and align.
Some pullback action should be anticipated with dips expected to find footstep above rising 10-Day SMA, currently standing at 23608. Investors are expected to continue to buy the dips.
Gold and Crude Oil Solid on Economic Growth, Tax Reform, and Inflation (no inflation, no growth)
Gold at 1276.60 is pushing higher. The technical structure confirms the end of the consolidation phase. Support lies at a distance at 1251, 1st resistance is seen at 1288.
In the long-term, the technical structure suggests that there is a growing upside momentum.
A clear break of 1392 is necessary to confirm it, major support found at 1045. Looks Bullish to me in here.
WTI Crude Oil at 57.31 has finished its consolidation and is now ready to seek 60. Expected to show continued increase, 1st support is seen at at 54.81.
Long-term, WTI Crude Oil has recovered after its sharp decline. But, I believe that further weakness is likely. Strong support lies at 35.24, 1st resistance is at 55.24. Mid-term looks Bullish to me.
Silver at 16.47 is heading lower. Hourly support can be found at 16.60, major resistance is seen at 17.46, 1st support at 16.13.
In the long-term, the trend is Bearish.
Have a terrific weekend
Latest posts by HEFFX (see all)
- Tesla Is Hiring Someone To Defend Elon Musk And Fend Off Attacks By Twitter Trolls - January 20, 2021
- PayPal Will Continue To Profit From A Huge Increase In Volume And Accounts - January 20, 2021
- Google’s Ethical AI Division Investigating Sharing of Sensitive Documents - January 20, 2021