Dollar Index vs Gold Spot Chart - 30 Day

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Dollar Index vs Gold Spot Chart - 30 Day

As we look at trendlines, at least for me, I can sometimes get focused on the macro picture over several months without bothering to stop to look at a smaller window.  In today's market (if we can call it that), the micro snapshot seems to becoming a more telling picture of the current market condition.  With the downward pressure on gold as it is prices in FRNs, I put together a quick chart on the 30 day (See Below)........

The slope of a smaller window, by ignoring a larger data set, can get skewed into being too steep or too shallow, but, in this case, I think it gives a good idea of the bottom support for the next couple of days at 1760.  It could possible retest its low set on Aug. 25th of 1729.

Edited by admin on 11/08/2014 - 06:31

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Updated: Gold Spot vs Dollar Index Chart (30 days +)

I decided to update the previous 30 day chart to reflect the last few days.  As indicated, I has some concerns we might retest the low set on August 25th of 1729 and today is was tested and breached with a low of 1722.  Like all of us, trying to pull trends from this insanity is, at best, conjecture but it is an attempt to place some clarity on the fuzziness of it all.

I expanded the 30 day chart to include the action of the last few days and it seems we have developed a micro channel to the downside which I am sure most of you would have guessed.  Based upon the chart, it seems that next week, Sept 27th, is a critical test of whether the micro channel is validated as it crosses the lower 30 day upward channel line at 1760.  If we can close above 1760 on that date, we should see more movement to the upside.  Otherwise, I believe we will have more support of movement to the downside and a potential retest of the August 8th low of 1693 and the August 1st low of 1623 (See Chart Below).

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