Gold has been proving to be a pretty nice trade for followers of our forex signals. We’ve basically been short all the way down, ever since the momentum started to fire up. As the USD has rallied gold has copped it on the chin. It’s hard to say when the USD will stop it’s run, but I wouldn’t think it would be until after the December FOMC.
As it stands the charts are looking pretty bearish. We have what appears to be a bearish triangle pattern and I’m expecting it to break anytime soon. That level is 1265. If we get a push through then I see us moving considerably lower.
If you look at the US Dollar Index then I think we are at a similar spot there but in reverse. So any hint of strength in the USD might just be enough to tip us over the edge. I’ll look to short on a break below 1265.
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