/GC (gold futures) remains above the multi-month trading range (yellow box) following the recent non-impulsive breakout with the negative divergences still intact. A solid move back down into the range has the potential to spark a significant correction in gold. 120-minute chart below.
GC 120m July 17th
As yesterday’s video on the precious metals & miners ran a bit long, I decided to skip coverage of the major currencies that often impact the price of gold. DX ($USD futures) is trading near the bottom of the June-July trading range with any marginal new low/breakdown that occurs soon to have an increased chance of being a whipsaw due to the divergences. 60-minute chart below.
DX 60m July 17th
As a near mirror (inverse) of the US Dollar due to the fact it accounts for a top-heavy 57.6% weighting in the US Dollar index, /E7 (Euro futures) is at the top of the June-July trading range while any marginal breakout soon will be with negative divergences in place, increasing the chances of the breakout failing. 60-minute chart below.
E7 60m July 17th