James Helliwel, Head of Markets at Lex Van Dam Trading Academy presents his outlook on Dollar index, crude oil and gold. He is joined by tip TV’s Zak Mir. Helliwel is fundamentally bearish on the US dollar, but states the recent rise could be extended further if the critical resistance at 96.24 is taken out. Helliwel also details his checklist for important factors that influence gold and oil prices.
Key points
Dollar index is technically driven, recent rise in dollar index represents market correcting excessive pessimism or what appeared to be an over confidence in anti establishment view – we are short central bankers
Crude oil – personally short from $47/barrel, correction towards $43 continues… $39 is the pivot for bulls
Gold – support at $1300 could be breached, opening doors for $1250-1260 levels.