The Phaserl


Gold breaks Resistance

from Dan Norcini:

We are experiencing a nice upmove in gold in today’s session which is also being participated in by silver.

There are a couple of things at work today. First, after expectations that the Fed was going to announce a tapering at next week’s FOMC meeting, traders have now largely dialed that back.

Secondly, and more importantly, this is contributing to further US Dollar weakness. We saw that yesterday but it is more notable in today’s session as the USDX slid under the 80 level.

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