Update on Gold: Feb 10, 2016

In December’s update [Update on Gold: Dec 14, 2015] we discussed the importance of the dollar on gold’s future price moves.

…the weakness in DX since Dec 3 suggests there’s a decent chance of the Fed punting.  If DX plunges further, GC’s 4th bounce could be a doozy: 1150-1180 for starters, and 1286 after that.

The Fed didn’t punt.  They increased rates by 0.25% as expected, and DX rallied for a whole five days.  After peaking on Dec 21, DX has sold off in fits and starts [see: Update on DX Feb 9, 2016.]  GC spiked, reaching 1150 on Feb 4 and 1180 four days later.2016-02-10 GC daily CU 0800Today, it backtested the TL at 1180 and is threatening to break higher.  Does it still have legs?

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