Sometimes you just have to let the patterns sort themselves out before making a call. In this case, the triangle was a dead giveaway as a continuation pattern, but it was hidden within a larger a-b-c pattern. The fact is, though, that yesterday’s high nearly reached the 61.2% retracement, while today’s high reached the 66% retracement. The damage to the early sell signal wasn’t great, but it raised frustration levels, I’m sure.
Gold went higher today, but lost all of its gains and closed again beneath its 200-day moving average at 1619.00.
USB closed today at its intermediate-term trend support at 142,28. If it breaks support, the uptrend may over. However, a spike down in stocks may reignite the rally in USB.
The Dollar appears to have found support at its neckline today and reversed higher.
There are some very powerful forces at work here. Let’s recognize that and do our utmost to keep frustration levels at a minimum.
Gold went higher today, but lost all of its gains and closed again beneath its 200-day moving average at 1619.00.
USB closed today at its intermediate-term trend support at 142,28. If it breaks support, the uptrend may over. However, a spike down in stocks may reignite the rally in USB.
The Dollar appears to have found support at its neckline today and reversed higher.
There are some very powerful forces at work here. Let’s recognize that and do our utmost to keep frustration levels at a minimum.