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Strong USD Adds To Gold's Woes

Bill Baruch

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Yesterday’s close: Settled at 1277.6, up 1.6

Fundamentals: Gold is lower this morning after failing to close back above our crucial resistance mark yesterday. The Dollar is surging against currency pairs and adding to the technically poor landscape. Although the U.S data has not been good, the U.S is favored as the best house on the block keeping a continuous bid under the Dollar. Chicago Fed National Activity and Existing Home Sales both missed yesterday. Today, we look to New Home Sales and Richmond Fed Manufacturing at 9:00 am CT.

Technicals: Price action is making new lows today after again failing to hold the 1280.8 mark into settlement. The bears have a clear edge below this level and the path of least resistance in the immediate-term is to 1255.8-1258.5.

Bias: Neutral

Resistance: 1280.8**, 1287.5-1291.9***, 1299.8**, 1306.4**, 1312-1314.7***, 1320.5**, 1330.3**

Pivot: 1273-1275.5

Support: 1255.8-1258.5***

By Bill Baruch

Contributing to kitco.com

Contact info@bluelinefutures.com.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.