The Phaserl


More Dollar Weakness – More Strength in Gold

from Dan Norcini:

Dollar weakness continues to be the theme this week as it continues to work lower nearing a chart support level near the 80.00-79.50 zone. If it does breach that support, gold should respond higher. If it holds, look for pressure on gold to emerge in the form of profit taking.

There is no definitive trend yet in the Dollar as it continues to work back and forth in a broader range. The ADX reveals the sideways pattern but the bears are currently in control. Whether the support level will hold and bulls will be able to mount a counter-attack remains unclear at this point. Time will tell.

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