Gold, Oil, USD: MM Daily

By Dr. Cari Bourette

Apr 8, 2018 - 7:43 PM EDT

Summary:

There's a daily buy in crude for Tuesday-Thursday. The chart implies at least the potential of a large bullish turnaround. Gearing up for some Iran/Syria news, maybe? There are daily sell signals for gold through Tuesday as long as it keeps below 1336 (GC M). There is also a mild USD sell signal for Tuesday.

Daily MMI Commodity Signals: The latest daily signals are posted under each commodity section. While the signals were developed with futures contracts, they can be traded using a variety of ETFs. Changes to next day MMI signals may occur about 5% of the time, and will be announced in updates and in the daily reports should they occur. Same day signals will not change. Day 2, 3, or later signals reflect the most current information, and are subject to change. Unless otherwise specified, the default trade per the daily signal is executed at market on close week days (5 PM for futures) and market on open for the weekend (6 PM Sunday for futures). As daily up/down signals, the MMI signals are correct about 60% of the time. The higher probability (H.P.) signals are correct about 65-70% of the time. Please manage your trading risk accordingly.

MMI Crude

Latest forecast info: There is a daily buy Tuesday through Thursday. However, the chart shows a strong oversold condition, so a bounce could happen anytime.

CL	Trade Signal	H.P. ?**
4/9 (open)	NONE
4/9	NONE
4/10	BUY
4/11	BUY

**.H.P. = Higher Probability Trade Signal

MMI Gold Latest forecast info: There is a sell signal for the weekend and for Monday (< 1336 GC M). This continues for Tuesday if Monday closes < 1336.

GC	Trade Signal	H.P.? **
4/9 (open)	Sell
4/9	Sell (< 1336)
4/10	Sell if 4/9 closes < 1336

**H.P. = Higher Probability Trade Signal

MMI U.S. Dollar Index

Latest forecast info: There is a mild daily sell signal for Tuesday.

DX	Trade Signal	H.P. ? **
4/9 (open)	NONE
4/9	NONE
4/10	SELL

**H.P. = Higher Probability Trade Signal

Dr. Cari Bourette is an analyst at ElliottWaveTrader.net, where she provides her proprietary market mood analysis in our flagship service, "Avi's Market Alerts."

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