The Phaserl


Dollar Weakness Is Providing Strong Support In Gold Market

from Gold Silver Worlds:

In his latest analysis of the markets, professional trader Dan Norcini describes his observations related to the dollar and gold. The most striking observation in today’s market was the weakening of the US Dollar, not being able to gather safe haven buying in the midst of a deteriorating crisis in Ukraine. That is in sharp contrast to the traditional safe haven currency during times of financial or geopolitical crises, as evidenced in the last years. For instance, the US Dollar was bid during the crisis of 2008, during the European Sovereign Debt Crisis, but also when the idea of a Fed tapering first began to surface. All that seems to be gone, at least based on the recent price action in the dollar. The dollar chart makes this point.

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