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Extreme Moves in the USD Do Not Hurt Gold

Cappuccino Dollar Sign

Well for the last decade, anyways!

Chart below is a weekly chart of GLD and DXY.

As shown below powerful moves in the USD (DXY) do not send gold crashing. The USD looks like it is completing a A-B-C correction. Once the C is done, and the DXY falls, gold will do well. How much longer for the DXY? The strong rally may last 3 to 5 weeks more, and then will stall and start to consolidate, what happens after that will be very interesting.

The main point is that US dollar strength is not trashing the gold trend, this is good relative strength and shows bulls defending the long term trend. When excitement runs out for the DXY the GLD will do well.

A note to members, we must see strength enter the gold market and a confirmed sign that behavior has changed from selling to buying.

weekly chart of GLD and DXY
Larger Image


Investing Quote...

"Vibration is fundamental; nothing is exempt from this law; it is universal, therefore applicable to every class of phenomena on the globe." ~ William D Gann

"It's easier to fool people, than to convince them they have been fooled" ~ Mark Twain


NOTE: readtheticker.com does allow users to load objects and text on charts, however some annotations are by a free third party image tool named Paint.net


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