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Re: Gold attacking 1625 again !!/Lee
In Response To: Gold attacking 1625 again !! ()

It's DX you have to watch for most markets. And it is approaching some serious resistance at 81.50 that won't be easy to clear right away. Already showing a big loss of momentum as well on recent rally highs. Should be good for inverse markets for 'awhile' on a pullback. DX is down a little tonight if that counts for anything. Still a 1/4 point away from 81.50 resistance too but close enough for resistance to click in. A pullback in DX would be bullish most most markets not just Gold. It still has a lot of work to do to repair some major damage done since Sept and is likely going to have limited upside ahead. Next resistance "IF" 1625 is cleared is 1670 and perhaps 1700 max. Price action on Gold now is much like late 2008 breakdown and rallies so aren't likely to be dramatic on the upside. Tradable though like most everything else.

Messages In This Thread

Gold attacking 1625 again !!
Re: Gold attacking 1625 again !!/Lee
Re: Gold attacking 1625 again !!/Lee/Trades