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FX CURRENCY WATCH OIL


through 2018. Indicative of this forecast is the imminent return of a higher correlation between Gold and the Dollar. We are forecasting a retest of 1374 into March 2018 in a slightly higher medium-term consolidation [1238 – 1374] into April 2018. We continue to stress that this consolidation is the final formation of the long-term bottom for Gold. Only a monthly close back below 1222 would nudge medium- term momentum back to neutral/ bearish commence a decline to retest 1147 weak long-term support over the subsequent four months.


OIL BITCOIN/USD


during this disjointed global period in the markets. Our long-term bearish outlook for Gold since May 2012 culminated with the decline to the 1044.55 ongoing long-term objective for Gold in December 2015. Te strong rally through the 1155 medium- term corrective objective for February 2016 to 1377 again dampened but did not neutralize the neutral/bearish


18 FX TRADER MAGAZINE January - March 2018 medium-term techs for Gold.


Te decline now to only 1238 shy of 1215 forecast for November 2017 has finally neutralized the bearish medium-term technicals and momentum in Gold. As stated in the summaries at the end of the previous two articles, normal correlations between asset classes would resume


As discussed in the last six quarters of articles in FX Trader Magazine, the plunge in Crude Oil from 108, through the 33.20 long-term objective for January 2016 to 26, produced the strongest medium-term divergences in 15 years [stronger than from the plunge in 2009]. Now the rally through and monthly close above the 56.55 previous medium-term corrective objective has slightly improved the medium-term techs within neutral but momentum improved to neutral/bullish. As a result, we are forecasting a rally through 62.60 strong long-term resistance in February to retest 69.20 into April 2018 in a higher, broad, medium-term consolidation into the second quarter of 2018 [48.60 – 69.20]. Only a monthly close back below 48.55 would avert the forecast rally and commence a retest of 37.75 over four months.


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