Wednesday, January 6, 2010

Don't Get To Complacent On Gold Near Term

On the near term even with this recent bounce in gold from my $1075 support level, I still sense that the dollar may rally further. We may see a rally on the dollar this Friday off of the Jobs Report. The charts appear to be setting up as a flag formation, I maybe early on the call, but it raises a yellow flag and one needs to keep this possibilty on the radar. Longer term I believe the dollar will trend lower, but for those that trade...just be ready to pull the trigger.

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