Gold Holding Firm Despite Climbing U.S. Dollar For Now
Commodities / Gold & Silver 2009 Nov 17, 2009 - 12:09 PM GMTBy: Mike_Paulenoff
The cash Dollar Index (DXY) is climbing meaningfully today, but so far gold and silver do not really care. Spot gold is down a sparse $2-$3 and the SPDR Gold Shares (NYSE: GLD) flat, ignoring the climb in the DXY for now.
My suspicion is that the closer the DXY gets to its key resistance line at 76.20, the more nervous the holders of gold will become about a nasty near-term bout of profit-taking that should press spot gold right to $1100 initially on the way to $1060/50.
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By Mike Paulenoff
Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of
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