Gold Needs a Strong Shakeout to Make Fresh Highs

Gold Spot / U.S. Dollar (FX:XAUUSD)

Updated

FX:XAUUSD Gold Spot / U.S. Dollar

XAUUSD XAG USD ( Silver / US Dollar) Gold Silver miners JNUG NUGT DXY yellen GLD

xauusd xagusd gold silver miners jnug nugt dxy yellen gld

After Failing to reach 1220, gold is showing signs of short-term overbought. Don't rely on Yellen to talk gold up today as the

DXY is making higher intra-day highs.

Comment:

I'm off a bit on the timing but I believe we will test 1190 today, and perhaps even overshoot to the 1180 area. Longing from those levels may be risky, but the reward may turn out to be lucrative depending on the volatility and uncertainty during the transition of power in U.S. government through Monday. President Trump's speech will be interesting tomorrow @ 12:00 EST.

Comment:

A significant move above 1200 could spark a rally to test 1220 again.

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