Gold’s next move

The greenback is weakening, with the Dollar Index breaking support at 94. Buying is still evident, with Wednesday’s long tail, but failure to recover above the new resistance level would warn of another downward leg. Next line of support is 93.

Dollar Index

Gold is consolidating above primary support at $1260. A falling Dollar would strengthen demand for gold, making another test of $1300 likely. Twiggs Trend Index holding above zero indicates buying pressure. Breach of primary support is unlikely but would be a strong bear signal for gold.

Spot Gold

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