Risk-on was the overriding theme overnight...>

DOLLAR: Risk-on was the overriding theme overnight following President Trump's

prediction of a "great deal" with China on trade (Bbg). The DXY remained in

consolidation mode and holds toward the peak of its narrow 96.62-70 range at the

European crossover.  Bulls continue to target a break of the 97.00 level, a

break here would likely accelerate the move toward 97.87 which represents the

long term 61.8% retracement of 103.82-88.25. UP trendline support comes in today

at 96.51, below here and bears target a break of 96 to regain control, opening

the 100-dma at 95.11. Gold's recent downtrend based ahead of $1224 yesterday

with near-term support from the 100-dma at 1220.61. Resistance at $1231.68 which

represents the 38.2% retracement of the recent pullback $1243.47-1224.40.