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Main | Gold To Obliterate The Resistance Level Of $1350/Oz »
Saturday
Mar092019

The US Dollar Recovers To Spook Gold

Preamble

Since the last all-time high of $1900/Oz made in 2011 Gold Bugs have taken it on the chin as gold fell from grace resulting in many investors leaving this space in search of greener pastures. In recent years gold has levelled out and is indeed shaping up for a comeback as it once again eyes the near-term resistance level of $1350/Oz.

For many investors breaching this level won’t be good enough to tempt them into parting with their cash, it will take something more substantial like a weekly close above $1450/Oz. And that is only the point that they start to think; preparation, raising funds, the selection process when considering precious metals stocks etc, will all take a little time. However, the gold train will be moving, and they will get onboard in order to partake in the upcoming rally. New investors bring new money and add to the momentum that has already started accelerating prices to new all-time highs.

A quick look at the Gold Chart

Gold has been unable to break through the resistance level of $1350/Oz and as the chart depicts once again it has failed in its attempt to break free and put in a decent rally. The technical indicators, RSI, STO and the MACD are now in the oversold zone suggesting a near term recovery.

 

A quick look at the USD Chart

Over the last 5 months the dollar has.................

 

MORE

 gold is hanging in there despite the dollars recovery..

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