Loading ...Gold and USD Update
The USD surprised today and broke to the upside of my down trend Fork out of the USD’s Intermediate Cycle top. If my fork is correct, the USD may have found an early IC Low at 15 weeks (normally 18-23 weeks). It could also be a false breakout but we should know within a few days.
Here a a couple of older Gold Forks that I track from 2011 and 2013 respectively. Dave from UK had asked about them.
Hi Surf
If the Dollar Broke Out
Gold is Forked
http://charts.dacharts.net/2015-09-21/d1957.png
tough call.. to contrary trends in play.. note how gold is holding the short term support just below where resistance is now support.. however also had a near miss at the top of the down fork..ill admit the up fork in gold is sort of speculative .. main thing is it still has not even breached the downtrend fork..(but then you have resistance coming support on the uptrend.. and that support remains ubroken)…. tough call here for sure.. miners certainly seemed to sell off.. bit of disconnect between gold and the miners.. im wondering if the debt cieling might also be in play…
http://charts.dacharts.net/2015-09-21/d1958.png
dollar chart.. different perspective
http://charts.dacharts.net/2015-09-21/d1961.png
long term euro/usd
reverse head and shoulder on dollar.. even it declines……