Gold showed us something it has not in quite some time! Down early and ends the day almost $30 off the lows. a thing of beauty, at least to me. Have we turned to buy the dip mentality? Today was a great sign! Have a look at the daily chart, now we need to push through $1350.
I have been growing confident in GOLD lately because of OIL finally getting above $100 and mainly because I truly believe the US dollar is done for! Please have a look at how the daily chart looks after today's trade. Here is the US dollar, what a view!
Taper what? Did you see the comments late in the day made by FED watcher Hilsenrath, please read this story
http://www.fxstreet.com/news/forex-news/article.aspx?storyid=03ff33a6-36db-4b34-a9cf-8c23a1d8b039
I had mentioned earlier in the day to watch the dollar and take notice of the Euro hanging around 132.
Well thanks to these comments released at days end take a look at the Euro now and YES, I am sticking with my view of 135+ in the coming future.
The other currency that I am going to show is the Aussie, while it did get hit hard yesterday with the poor Chinese data and the fall in the equity markets, it did bounce back quite nicely today.
Markets can be frustrating at tops and bottoms with wicked volatility but I see a nice rounding bottom forming here. If Gold and OIL perform to the upside like I think they will, there is plenty of upside here with the commodity currency, the AUSSIE!
We are going into the last day of the week and we do have the FED meeting next week. Let's see how we close out the week.
Good night and safe trading!
TraderMartin
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