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The cash Dollar Index (DXY) is climbing meaningfully today, but so far gold and silver do not really care. Spot gold is down a sparse $2-$3 and the SPDR Gold Shares (NYSE: GLD) flat, ignoring the climb in the DXY for now. My suspicion is that the closer the DXY gets to its key resistance line at 76.20, the more nervous the holders of gold will become about a nasty near-term bout of profit-taking that should press spot gold right to $1100 initially on the way to $1060/50.
Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!
