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U.S. Dollar Rally Could Put Gold Under Pressure

Commodities / Gold and Silver 2010 Jan 15, 2010 - 12:35 PM GMT

By: Mike_Paulenoff

Commodities

Best Financial Markets Analysis ArticleApart from why the dollar (DXY) abruptly reversed to the upside this morning, purely from my technical perspective this action is what I have been awaiting: some signal that all of the corrective-looking weakness off of the Dec 22 high at 78.45 into the 1/13 low at 76.60 actually was a correction.


Today’s strength so far has the right look of the completion of a 3-week correction within a larger, intermediate-term recovery rally period for the DXY that is heading for a test and hurdle of 78.45 on the way to 80.00. If such a scenario is about to unfold, then spot gold prices – as well as the SPDR Gold Shares ETF (NYSE: GLD) -- should experience currency headwinds that could pressure prices towards a retest of the December low at $1074, on the way to $1050/20.

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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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