Even with the strength of the US Dollar , Gold is attempting to hold above 1210 which coincides with a key Fibonacci level on the chart. I know my charts seem cluttered, but this is a lot of Fibonacci, Time/price cycles, Tesla Vibrational theory and other analysis tools on one chart.
Pay attention to the 1210 level right now because I believe this will play out to be a very key level in the immediate future. If Gold is able to hold above this level for the next few days/weeks, then we could see the US Dollar stall a bit and retrace while Gold and Silver may begin a renewed upside move.
The global markets and the strength of the US Dollar are driving all of this rotation right now. In my opinion, it is a good move for the Metals to retrace to near these levels before the crap hits the fan. The only thing people need to consider is the value ratio of Gold to the Stock market. Right now, Gold and Silver are relatively cheap compared to historical levels.
Pay attention because this 1210 level will likely not last long.
Pay attention to the 1210 level right now because I believe this will play out to be a very key level in the immediate future. If Gold is able to hold above this level for the next few days/weeks, then we could see the US Dollar stall a bit and retrace while Gold and Silver may begin a renewed upside move.
The global markets and the strength of the US Dollar are driving all of this rotation right now. In my opinion, it is a good move for the Metals to retrace to near these levels before the crap hits the fan. The only thing people need to consider is the value ratio of Gold to the Stock market. Right now, Gold and Silver are relatively cheap compared to historical levels.
Pay attention because this 1210 level will likely not last long.