Comments on: Gold At Support With US Dollar Breaking Out https://rightsideofthechart.com/gold-at-support-with-us-dollar-breaking-out/ Stock Trading, Investing & Market Analysis Mon, 22 Jan 2018 02:40:47 +0000 hourly 1 https://wordpress.org/?v=6.9.4 By: rsotc https://rightsideofthechart.com/gold-at-support-with-us-dollar-breaking-out/#comment-3450 Thu, 04 May 2017 14:09:11 +0000 http://rightsideofthechart.com/?p=182051#comment-3450 In reply to GetItRiight.

Maybe. I should be very clear, I have absolute zero interest in shorting GLD or GDX here & due to my longer-term bullish outlook on gold & bearish outlook for both equities as well as the $USD, if I had to go long or short gold now & throw away the key for 6-8+ months, I would be long.

You’re take on the dollar might very well prove correct. My point is that I can’t confirm a long entry on gold/GDX with a decent near-term bearish outlook for the dollar so I’m staying out of that trade for the time being, waiting patiently for the next high probability entry. Thanks for your thoughts on the dollar, much appreciated.

]]> By: GetItRiight https://rightsideofthechart.com/gold-at-support-with-us-dollar-breaking-out/#comment-3449 Wed, 03 May 2017 20:24:17 +0000 http://rightsideofthechart.com/?p=182051#comment-3449 One more comment. On the DXY hourly chart, the dollar tried a few times to break above the 99.2 level, where it is as I type, but failed. It has to contend with the bottom of the Apr 23 gap, while overbought right now.

]]> By: GetItRiight https://rightsideofthechart.com/gold-at-support-with-us-dollar-breaking-out/#comment-3448 Wed, 03 May 2017 20:13:12 +0000 http://rightsideofthechart.com/?p=182051#comment-3448 Randy, if you look at DXY, the situation is not that bullish for the dollar as UUP would suggest. I am showing the dollar under a long term trend line and bumping against the 200 DMA at 99.07. Upside could be limited to 99.7, a mere 0.6% above the current price. See chart in a separate post.

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