Spot Gold price - first attempt to break USD $700
Gold price climbed nearly $20 in 4 hours to $698, attempt to test the $700 line.
The downtrend of USD is also significant. The short rebound yesterday didn't last long and resume the downside today. EUR / USD is trading at 1.275, which is expected to reach 1.3 in a short while.
Whereas the uptrend of gold is also clear, spot gold refused to drop last year when dollars rises. It broke the rule of thumb that Gold and dollar are always running in opposite sides, aided by the real strong demand for Gold. When dollars turns weak, the uptrend of gold grows more vigorously, neglect the fact that it is seriously overbought.
The downtrend of USD is also significant. The short rebound yesterday didn't last long and resume the downside today. EUR / USD is trading at 1.275, which is expected to reach 1.3 in a short while.
Whereas the uptrend of gold is also clear, spot gold refused to drop last year when dollars rises. It broke the rule of thumb that Gold and dollar are always running in opposite sides, aided by the real strong demand for Gold. When dollars turns weak, the uptrend of gold grows more vigorously, neglect the fact that it is seriously overbought.
posted by SSY | 9:00 AM
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