Yesterday, the oil market made an extremely strong move on high volume. Prices advanced through the 10 and 20 day EMA and touched the upper resistance line. Advances like this are important as they would indicate a change in overall sentiment.
The 60 minute dollar chart (top chart) shows that the 21.95 price level was providing important resistance to the dollar chart. The daily chart (bottom chart) shows that prices consolidated between the 21.5 and 22 price level. They have since broken out, advancing above the 50 day EMA.
Industrial metals are still trading in a range between the 17.5/18 level and 20/21 level. Until this chart shows more bullish developments the economy won't be ready to move into a higher GDP position.
After falling from the 174 area top chart), gold rebounded yesterday, bouncing off the 50 day EMA and price levels established in mid-August. The weekly chart (bottom chart) shows that prices are in fact trading in a range between 150 and 174.
