Some can trade gold, some can't and some just don't care. Here's the deal folks, like it or not gold can be telling of larger things to come. It's true gold is a wild mover and it's also a great indicator of larger movements across the currency market, particularly with the USD. The US dollar has been unadulterated garbage for weeks now and all of the sudden golds smashes through some pretty important levels, be on high alert with USD pairs.
This break out could reverse in the next few hours at which point, we don't care about gold anymore. But if this break out holds and we start to see moves lower in the other missed pivot points, don't be surprised to start seeing the USD and other pairs start to move more than a little.
For now, this is more of a heads up than a trade set up. Watch gold, watch this recent move and if everything holds this pattern and continues, let's all be ready to rock some other currency trades.
For all those that made money on this recent break out in gold, I salute you!
This break out could reverse in the next few hours at which point, we don't care about gold anymore. But if this break out holds and we start to see moves lower in the other missed pivot points, don't be surprised to start seeing the USD and other pairs start to move more than a little.
For now, this is more of a heads up than a trade set up. Watch gold, watch this recent move and if everything holds this pattern and continues, let's all be ready to rock some other currency trades.
For all those that made money on this recent break out in gold, I salute you!
Jared Johnson
Union Hedge Funds
Union Hedge Funds
