Oro / DollaroLong
Gold: Box Breakout or Breakdown?
This is the daily of Gold.
Whatever market we're looking at, it's all about the US Dollar - and will continue to be for some time. The DXY has broken above major support. That being the case, I find it inconceivable that Gold should rally... yet, I cannot ignore the bull div forming in Gold.
We may be looking at a pause, in which case a breakout of last week's box formation could materialize. Though I suspect any rally would be contained to the 1250 level, which would offer a new short opportunity.
The Dollar may consolidate for next week, allowing Gold a reprieve.
Also, the speculative positioning is similar to the bottom of the 2015 rally.
If however gold breaks below and closes below 1205, expect 1150.
Whatever market we're looking at, it's all about the US Dollar - and will continue to be for some time. The DXY has broken above major support. That being the case, I find it inconceivable that Gold should rally... yet, I cannot ignore the bull div forming in Gold.
We may be looking at a pause, in which case a breakout of last week's box formation could materialize. Though I suspect any rally would be contained to the 1250 level, which would offer a new short opportunity.
The Dollar may consolidate for next week, allowing Gold a reprieve.
Also, the speculative positioning is similar to the bottom of the 2015 rally.
If however gold breaks below and closes below 1205, expect 1150.
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