Comments: Perhaps my caution was unwarranted yesterday. When I look at the size of the down move in the USD, I can't help but think that a Gold rally must be around the corner. Only thing left is the lateral support. It's strange that the gold stocks were so lukewarm on a move in the USD like this. Very strange. Anyway, like I said a couple of days ago, a big move is coming in the USD. Deep penetration of the lower Bollinger implies that this move will have some legs (down). But we'll see. I got out of most miners yesterday because they reacted against the downtrend line. Might as well be patient a little longer and see whether we can close above the trendline.
Thursday, November 23, 2006
USD Chart & Commentary
Comments: Perhaps my caution was unwarranted yesterday. When I look at the size of the down move in the USD, I can't help but think that a Gold rally must be around the corner. Only thing left is the lateral support. It's strange that the gold stocks were so lukewarm on a move in the USD like this. Very strange. Anyway, like I said a couple of days ago, a big move is coming in the USD. Deep penetration of the lower Bollinger implies that this move will have some legs (down). But we'll see. I got out of most miners yesterday because they reacted against the downtrend line. Might as well be patient a little longer and see whether we can close above the trendline.
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