After my little rendezvous with gold the next trade position was oil... As it struggled to move passed $72 for a while it was bound to break.
As the dollar weakens, you will have oil and gold gain value due to their value being derived in dollar terms. Weak dollar translates into strong commodities!
So, looking for something else to stick our teeth into while gold consolidates its new level of $1050 support, I traded oil from $72 to $80 over the last week or so. Very tidy little trading profit!
Trading stock markets and trading commodities is simple if you can follow the market cycle and waves. If you understand the relationship between dollar currency, commodity prices and stock market sectors then you can make good profit out of trading.
Right now, it's time to take a breather. Wait for the week to finish off... But I won't be far away in case something triggers a trade position.
All the best trading!
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Visit Aurora Global Markets for Global trading platform in equities, foreign exchange, commodities, precious metals and interest rates.
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