Well, traders, the DXY did exactly what I guessed and went long today, currently is languishing in the Friday lest go fishing while I impatiently wait for my last 10 trades to close on GBPUSD and EURUSD which served me well today. However, I did get slaughtered with Gold as it smashed thru 1350 and then promptly retracted the gain in what I assume was profit taking. BTW an interesting article in investing.com about how the Mideast taker problem is fulling the Gold Bulls.
So what does Gold have in store for next week? According to investing.com, it is returning to the bullish mode and bar charts certainly agree with an 80 buy forecast.
So I drew a chart for today's action. Now if the above mentioned are correct that would also indicate that the DXY will also reverse. Next week is also a big news week for both the USD and GBP meaning the EUR could be a big winner or loser. No matter I'm of the opinion that the dollar will not make a big move until FOMC.
Have a great weekend all.
So what does Gold have in store for next week? According to investing.com, it is returning to the bullish mode and bar charts certainly agree with an 80 buy forecast.
So I drew a chart for today's action. Now if the above mentioned are correct that would also indicate that the DXY will also reverse. Next week is also a big news week for both the USD and GBP meaning the EUR could be a big winner or loser. No matter I'm of the opinion that the dollar will not make a big move until FOMC.
Have a great weekend all.