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Gold could sell off 5-10% near-term given firming in the US Dollar

Gold breaks 1 month Trend given US DOLLAR firming in the short run

Gold breaks 1 month Trend given US DOLLAR firming in the short run

Some signs of Gold beginning to turn down after largely stalling out in the last couple days near 1280.  Technically speaking, the break of this 1 month trend by prices on Monday's close could lead to a bit more weakness, which would likely affect Gold and Gold stocks in the near-term, and some evidence of that was present today in selling of RGLD, NEM, but largely the declines today were based in the Chemicals given the Firming in the US Dollar and the Materials sector was the weakest of the 10 sectors today in trading and has been the weakest in the last 5 trading days after turning in a very strong period of 1 month performance.  Much of this is purely near-term "consolidation" and backing and filling in Gold and Materials stocks in general after a lengthy run, and on any additional weakness in the next 1-2 weeks, this area should be attractive to buy dips.  For Monday, the Drop of Gold under its 20-day moving average (ma) for the first time since mid-January and break of this trendline IS a near-term negative and could allow for a bit more weakness