Midday Look

Macro picture focus remains on the Dollar decline. The Euro currency pushed to new year highs and almost 138. The 132 to 136 four point move projects a run to 140 on this breakout above the old 136 resistance.

Currency talk brings me to Gold again, today's high in Dec contract at $1342 is the midpoint of the August $1433 high to October $1252 low. The weak dollar can propel Gold higher than the retracement ceiling here. A breakout run above the $1433 level projects a $180 rally to $1600 plus.

Still watching Crude for possible bullish divergence on new lows but no new highs in volatility. A some point the Dollar has to help out oil.

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Alan Knuckman can be followed on Twitter at twitter.com/AlBk2Comodities

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