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Archive for 22/10/2009
Dollar bottom?
22/10/2009 by Philinje.
The dollar hit a wave 5 target low and rebounded slightly. This is a technical sign that it may have finally bottomed.
According to Delta the low is late, which is a sign that the downtrend is quite strong.
There is also good reason to believe $1070 or so may be the top in gold, but you can’t rule out another gasp up to $1100. The technical signs still say that the current move up may be lacking substance.
Anyway, if the dollar has bottomed, we can definitely expect some weakness in gold. Just how much is the question. At some point, if a market crisis develops, gold should benefit as a safe haven, and perception is growing that gold is a better safe haven than the dollar.
Let’s see if a move below $1040 develops, and then below $1000. And remember the tip of the triangle was at $960.
Posted in Gold | Print | No Comments »