Here is one for the statistical folks out there. It is a very rare combination to have a large speculative long position, which can be checked in the Commitment of Traders Reports in the face of large one day gains in both oil and gold. In fact, it has happened only 4 times. Three out of four occurrences saw the Dollar decline by an average of 2.1% relative to yesterday's close 72.79. The trough of this decline comes approximately 26 days after the event. Therefore, we can look for a Dollar objective of 71.34 around August 8th.This fits pretty well with the last Dollar trade posted....expecting a test of the 71.00 lows.
