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Currencies and Metals Sat Tight Wednesday


Although stocks fluctuated widely, there was mostly narrow ranging among currencies and metals.

The following are the latest daily summaries of my ongoing intraday coverage, providing context to interpret price action. Any prices listed are for a contract's current "front month." Their direction tends to correlate with any ETFs listed for each.

Today's Highlight: Volatile stock market action was ignored by mostly narrow ranging among currencies and metals.

Dollar Basket
Sep Contract DX; (UUP), (UDN)
Another day, another narrow range around prior lows. Still no greater likelihood of extending lower.

Sep Contract EC; (FXE)
Like the dollar, Wednesday's action in the euro only ranged narrowly around its prior highs. Still no greater likelihood of extending higher.

Dec Contract GC; (GLD)
Tuesday's test of the 1700.00 target was consolidated Wednesday. The shallow ranging suggests that optimism is extreme, and a fresh high would be vulnerable to whipsawing down.

Sep Contract SI; (SLV)
Flat-to-higher firming Wednesday further consolidated recent gains, still targeting 33.00 so long as 31.80 and 31.30 were to hold any test as support.

30-year Treasury
Dec Contract US; (TLT)
Despite having held its test of 151-22 resistance Tuesday (150-26 basis Sep), Wednesday's shallow reaction down underscores there not being an attractive risk:reward setup. However, now closing under 150-18 would trigger a corrective dip targeting 149-22.
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No positions in stocks mentioned.
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