Loading ...Uninspiring
The Dollar continues to Tank
Overnight Gold appeared to be breaking out.
At the moment it looks like the breakout was rejected.
Call me impatient , call me disrespectful , call me a sceptic.
Gold SHOULD be up $50 to $100 this week with all this USD action.
and it isn’t !
The Miners should be going nuckin futz
and they aren’t !
Smarten up Mr Market …you idiot !
We need the ECB out of the way today and then we have the Fed next Wednesday. No CB meetings at all in Feb.
ECB is done now…holding rates at zero continuing QE.
Which caused the Euro to rise 100bp
wither gold ?
Gold’s not buying it. Trump’s speech at Davos tomorrow could trigger more fireworks though.
My IH&S target for $XEU is ~ 125.38 and it’s currently at 124.80, so less than half a percent until it is hit.
It’s a line chart target though so could go a little higher. Currencies look about done though for the short term. If they reverse then so too should
gold and the miners if the normal correlations hold.
Also, the IH&S target I have for $XEU is a little over 1% from here. I thought yesterday that if $XEU does hit that level, it would drag gold and the miners up with it.
Lots of shiny things elsewhere – stock market, cryptos etc. My theory is that it’s causing a bit of a delayed start or ‘coiled spring’. Let’s See what happens when gold crosses $1400.
IF
Terrible action in the miners when you consider the movement in Gold and USD.