Today we finally got the long awaited pull back in the US Dollar. This is nothing other than the beginning of a corrective retreat rather than the top in old Dixie.
The stock market was relatively quiet, looking for direction all day, but not really able to find one.
Gold finally stages a rally off of the over night session where is was down at $1183 per ounce. That’s lower than many people ever thought gold would go. News flash, it’s ultimately going lower, but must correct the over sold condition first.
Oil also staged a bounce mainly as a result of the dollar pulling back. Lower prices remain for crude oil also.
The remainder of the commentary can be found in the video below.