GOLD TRADE ALERT (3:15 pm EST)
Gold prices have been falling since Tuesday, but not strongly. The U.S. Dollar Index broke back above 101 yesterday but is now encountering resistance at the underside of a downtrend channel it breached on Tuesday. This could be a set-up for another fall in the dollar and a surge up in gold unless reaction to Trump's inauguration kicks the dollar up (it could do the opposite). Because gold prices are now close to where we entered our short position last week, I am going to cover (unload) that position today with little or no loss and wait to see how the precious metals react to tomorrow's inauguration ceremony.
Gold prices have been falling since Tuesday, but not strongly. The U.S. Dollar Index broke back above 101 yesterday but is now encountering resistance at the underside of a downtrend channel it breached on Tuesday. This could be a set-up for another fall in the dollar and a surge up in gold unless reaction to Trump's inauguration kicks the dollar up (it could do the opposite). Because gold prices are now close to where we entered our short position last week, I am going to cover (unload) that position today with little or no loss and wait to see how the precious metals react to tomorrow's inauguration ceremony.
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