Tuesday, May 9, 2017

Gold and the Dollar

Swing Trade Bottom?

As a possibility mentioned yesterday, GLD reversed at its uptrend line, and with a candlestick Hammer.  This sometimes means a trend change.  The 115.56 low (1215) was just .07 above the Trump Range base of 115.49.

Concurrently, the Dollar Index (DXY) gap to 99.73 nearly closed, and the day high of 99.69 broke above the April 21st low of 99.65 (its close of 99.98 was a weekend tick).

A potential DXY declining wedge E-Breakout should keep traders on their toes.

Stay Tuned!

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