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Chart of the Day - Gold and the Dollar


 -- Published: Monday, 11 July 2016 | Print  | Disqus 

By Gary Savage

While Iím expecting some kind of pullback at the $1390-$1400 level, I donít think goldís intermediate cycle will top until at least retracing the 50% Fibonacci level and probably back to $1550 by September. This will almost certainly be driven by an aggressive moved down in the US Dollar as it really starts to accelerate into the next 3 year cycle low due sometime net summer or fall.

Gold Dollar

The dollar couldnít even close above the 200 DMA on the monster jobs report. Notice the 200 DMA is rolling over.

The net intermediate cycle low will be due in September or early October. I donít think a test of the 85 zone is an unreasonable target.

http://blog.smartmoneytrackerpremium.com/


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 -- Published: Monday, 11 July 2016 | E-Mail  | Print  | Source: GoldSeek.com

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