Here is the big catalyst for gold to break out above $1,300.
US Dollar Headed Much Lower
January 8 (King World News) – The following is from top Citi analyst, Tom Fitzpatrick: The US Dollar Index has closed below its double top neckline…
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Fitzpatrick continues: The setup targets 94.40 and supports below are at 93.70-80 (see chart below).
US Dollar Index Headed Lower
Yesterday’s bearish break on USD/CNH was confirmed with a close below 6.85. Expect a test of at least 6.78 (see chart below).
Chinese Yuan To Continue Strengthening vs US Dollar
In many cases across the board the USD looks weak. The Bloomberg USD Index has caught some decent downside momentum (see chart below).
Bloomberg US Dollar Index Also Points Down
One major pair where a strong move has not yet been seen is EUR/USD. Watch out for a break through 1.15 (see chart below).
Euro Now Poised To Break Out vs US Dollar
King World News note: A weaker US dollar will be one of the primary catalysts that send the price of gold above $1,300 as the gold bull market continues to climb a wall of worry.
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