Need a Broker?
Please visit my sponsor website (new window opens)


Gold continues bearish based on USD news.

Ok here’s the thing, the USD agreed last night a temporary increased debt ceiling. Why does this sound like a problem? Because I think they are just sticky plastering a festering wound and not dealing with it properly. (how CAN they deal with it properly?)

Gold broke down below 1290 yesterday as a result but bounced back up to 1295 off the bottom of the head and shoulders on the daily chart I posted yesterday. I think if we are going up today is a good day to do it as we have completed the head and shoulders and the increased debt ceiling news is already built into the market’s price, also it’s square up day.

So it’s hold back and wait till we get clear direction but the 17th October is no longer a problem and the USD is now built into the market price.

Leave a Reply