GLD 2-day March 23rd
GLD (Gold etf) is challenging dual intersecting resistance of the yellow downtrend line & white horizontal 114-115 resistance zone. A solid & sustained move above that level would bode well for the intermediate & possibly longer-term bullish case for gold & the mining sector.
On a related note, the UUP ($USD etf) is currently testing the bottom of the large March 5th-9th gap, which is likely to act as support & cause at least a minor pause or reaction in the US dollar on this initial tag.
Bottom line is that I continue to remain intermediate-term bearish on the $USD, bullish on precious metals & miners but with gold at resistance & the dollar at support, it might be prudent to hold off on adding new long exposure to precious metals, the Euro (FXE) or any $USD related shorts until either a pullback/bounce or these resistance & support levels are clearly taken out.