With stocks surging and the US dollar tumbling, the gold price is now poised for a major rebound.
U.S. Dollar Still in Its Range
July 25 (King World News) – This is from Andrew Adams at Raymond James: Like the 10-Year U.S. Treasury yield, the U.S. Dollar Index has had trouble going higher in recent weeks, but it’s not collapsing lower either. Therefore, it feels more like a pause within a broader uptrend rather than a topping pattern…
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Still, we will need to see a break above resistance around 95.25 before the recommencement of the up-move can be confirmed.
US Dollar Index Poised For Big Move
Gold Bugs Have Been Squashed
While the stock market hasn’t provided much over the last several months, its performance has been outstanding compared to gold prices. The precious metal has been in a dominant downtrend since April and even broke under a key trendline that had been supporting gold going back to late 2015 (bold red line).
Risk/Reward For Gold Very Solid At These Levels
This has caused some of the worst gold sentiment readings in seven years according to SentimenTrader, and it’s coming at a time when the metal is back in the $1200-$1225 zone that has proved important on a number of occasions going back to 2013. The risk/reward finally looks to have swung back in favor of betting on higher prices, even if that only means for an oversold trade.
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ALSO JUST RELEASED: Celente Just Issued A Major Trend Alert For Gold & The Stock Market CLICK HERE TO READ.
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