Yesterday the dollar rallied against GOLD/EUR/ETC. (However I am still well in profit on my lots Gold Greenback buy).
I did watch a lot of traders saying it was a trend change, however my opinion is that the market has priced in a hold back of the FED taper to December next year, even though the chances of that are only 10%. This means that if they hold the taper back till, say, March, the dollar will drop, and fast.
We have a LOT of US news today as well, so it’s not a day of trading for the faint hearted. I am planning to evaluate my GOLD vs Dollar buys today and be possibly completely flat before 18:00 GMT (this means out of any trades), At 18:00 when the news comes out the dollar may whipsaw very very fast. Plus the fed tapering news, if you have a heart condition today may be a bad day to trade!
Happy trading everyone.