Gold is sitting in a bearish trend and this morning plummeted in it’s usual fashion (Gold can move VERY fast and is for intermediate to advanced traders only!). There are a lot of buyers but they were completely thrashed by the sellers this morning breaking the support at 1315.75ish.
We are now in a hook and look to continue the bearish trend down *BUT* I can’t help being bothered trading the dollar positive against ANYTHING at the moment. Next stop the bottom at 1185? That’s a long long way but Gold can do this in a second!
So selling Gold at the moment against USD as mad as it might seem is a good plan, but as we get closer to the 17th October, I will be less and less dovish about trading the dollar against anything.
Incidentally I did notice as well there are a LOT of silver buyers out there. Silver is favourite against the dollar in a dollar crash but I think it may be too early to be trading the crash. (especially since it has not happened yet).
My robot seems to be having a lovely sleep today, I am going to put it onto more currencies after its very good performance with USDJPY.