The Gold Stumble and the Dollar Surge Aug 4
Fri, Aug 4, 12:51 PM ET, by Corey Rosenbloom
On the morning of big US Jobs Report, we see a big intraday move in Gold and the Dollar.
Mainly the Dollar – for the first time in a long time – rallied strongly, snapping an intraday downtrend.
At the same time, precious metal Gold snapped an uptrend to fall sharply down away from resistance.
Here’s a spotlight on the intraday movement:
One day does NOT a trend make – or break.
But for intraday or short-term traders, today’s development could be the beginning of a short-term swing in the new directions.
Watch for the Dollar to continue trading higher toward – and above $94.00 .
Watch the target level $1,260 for Gold which arrived here sooner than expected.
Take into account the broader picture and higher timeframe (daily) trends in these markets.
For now, this is an interesting development that warrants our attention today.
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Corey Rosenbloom, CMT
Afraid to Trade.com
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Corey's book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).”
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