MSCI WORLD STOCK INDEX - Prices surged sharply higher, taking out resistance at $1131.35, the June swing high. From there, the door is open for a challenge of May’s top at $1158.71.
US DOLLAR INDEX – Unchanged from last week: “Prices have taken out support at 82.11, the 76.4% Fibonacci retracement of the 4/12-6/7 upswing. Still, positive RSI divergence continues to hint that a rebound is in the works in the near term, albeit from a lower base. Continued selling is eyeing a move toward April’s swing low at 80.07.”
CRUDE OIL – The bullstook out resistance June’s swing high ($79.38), with prices now set to challenge the upper boundary of a rising channel set from May, now at $82.21. A push above that will expose the 2010 top at $86.84.
GOLD – Prices are re-testing support-turned-resistance at a rising trend line established from the low in February, with a break higher exposing the top of a falling channel established from the swing high in June (now at $1199.43). However, a Shooting Star candlestick setup hints a move lower may be in the cards from here, with initial support at the $1170.00 figure.
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