Big Intermarket Moves Today in Gold Oil and US Dollar

Apr 11, 2016: 12:35 PM CST

While the US Stock Market is slightly higher, we’re seeing big intraday breakout moves occur in Gold, Oil, and the US Dollar Index.

Let’s plot these price swings and note the cross-market money flow right now:

The clearest movement is between the Range Breakout in Gold and the Range Breakdown in the Dollar.

The $1,245 level served as intraday resistance within a narrow trading range ($1,220 to $1,245) in Gold.

Today’s price action gapped above this range and continued surging above it.

Similarly the $94.00 level in the US Dollar (futures contract @DX) held support until today’s gap-down.

Unlike Gold, we’re seeing a slight recovery or retracement in the Dollar – not an outright trend day.

Finally, here’s the picture with Crude Oil:

A “V-Spike” or “U-Turn” Reversal near $36.00 brought Oil prices back to the underside of $40.00’s resistance.

Today saw a breakout higher but – like the Dollar – a pullback against the break instead of a power-trend higher.

As you’re comparing price action across markets – including stocks – note these key levels and the price movement away from these levels.  That’s where we’ll develop our short-term trades.

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Corey Rosenbloom, CMT

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