Down Hard Goes the Dollar as Up Quickly Go Gold and Oil
Fri, Jul 28, 12:41 PM ET, by Corey Rosenbloom
Of the recent intermarket price swings, the most interesting development has been the ongoing slow collapse of the US Dollar Index.
It’s set the stage for recent bullish rallies in both Gold and Oil – commodities priced in Dollars.
Let’s see what’s happening in the intraday intermarket grid:
I sandwiched the falling US Dollar Index between the rising Gold (top) and Oil (bottom) charts.
I wanted to highlight the quick correlation between these two major commodities and the Dollar, namely as the Dollar continues its slow slide with minimal retracements.
Put your trades within the broader context of money flow between major markets.
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Corey Rosenbloom, CMT
Afraid to Trade.com
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