Gold stirs as Dollar falls

The Dollar Index is retreating from resistance despite another rate hike from the Fed. Follow-through below 89.50 would signal another test of primary support at 88.50. Respect of resistance suggests another decline; confirmed if primary support is broken.

Dollar Index

Gold is stirring as the Dollar weakens. Penetration of the descending trendline suggests that the correction is over. Follow-through above $1340 per ounce would test resistance at $1360.

Spot Gold

Breach of primary support by the Dollar would most likely fuel another primary advance for gold.

One thought on “Gold stirs as Dollar falls

  1. […] — the Dollar and the Japanese Yen — are under threat from a trade war. Which leaves Gold as the last man […]

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s