Dollar Tentatively Higher Ahead of Federal Reserve Meeting

Gold :

The price of this commodity currently floats in the over-sold territory on the 4-hour chart’s RSI, indicating an upward correction may occur in the nearest future. With the recent bullish cross on both the 4-hour and hourly chart’s Slow Stochastic oscillators, this correction may indeed be imminent. Forex traders can earn high profits today by opening large buy positions and riding out this impending movement

Dollar Edges Up Against EUR, Crude Falls with Stocks

GBP/AUD:

The hourly chart is showing buy signals today as a bullish cross has appeared on the chart’s Slow Stochastic, hinting towards an upward correction. The chart’s RSI is also showing upward momentum as the pair is trading in the oversold zone. Going long could be the profitable way for forex traders to go today.

USD Continues Decline; Slow Economic Recovery Expected

Gold:

This precious metal’s sustained upward movement has resulted in its price floating in the over-bought territory on the 4-hour and daily RSI, suggesting significant downward pressure. With 2 consecutive bearish crosses on the 4-hour Slow Stochastic and hourly MACD, forex traders may have an opportunity to jump on the downward correction of this commodity, and at a great entry price.

Dollar Continues to Weaken on Inflationary Worries

Markets continued to strengthen in overnight activity in the wake of Ben Bernanke’s words of assurance that the recession appears to be behind us. His assurance was later confirmed by legendary investor Warren Buffet. (hmmm)

The Dollar continues to weaken on inflationary worries with traders holding their breath in advance of this morning’s Consumer Price Index report. Currency and metals traders are still thinking about yesterday’s surprise surge in the Producer Price Index. Wall Street expects the Consumer Price Index (CPI) to clock in with a rise of .3% versus last month’s reading of 0%. Traders are whispering the rise might be higher than the estimate. Last on the Euro $1.4679 up 44/100ths of U.S cent.

As we look overseas we find Silver up another 40 cents at $17.30. Gold is $12.00 higher at $1016.00. Palladium is $296.00 up $6.00. Platinum is $10.00 higher and changing hands at $1335.00.

Over in the energy markets we find Oil trading flat to a shade lower in advance of today’s Weekly Inventories. The estimate calls for a decline of 3 million barrels, but traders are taking no chances given the recent surge in the price of Oil.

Over in the stock market the Dow ended yesterday with a gain of 56 points and appears to be headed for another opening gain of 46 points. Today’s economic calendar also contains the latest look at U.S. Industrial Production where stock traders expect to see a rise of .6% compared to last month’s rise of .5%. In world matters Chinese officials indicated that they are pushing for a quick negotiated solution to the tire trade spat with the U.S.

Today’s economic calendar:

U.S. Consumer Prices
U.S. Current Account
U.S. Industrial Production
EZ Consumer Prices
U.K. Employment

USD Hits 1-Year Low on U.S Economic Pessimism

Silver:

The violent bullish trend continues as all technical indicators on the daily and the 4 hour charts are showing that the direction is up and the momentum is high. This provides forex traders with a great chance of enjoying the additional upwards momentum which still seems to be remaining for this commodity.

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