The us dollar has been increasing in a narrow trading range, putting it into a rising wedge form on the chart. It tried to break out above the resistance line and then broke down below support. This looks very bearish on the chart which means we may see a reaction from gold starting to move upwards above 1300 again if this thought plays out. If a new high is broken out in the dollar, this will result in this not coming into play obviously so be prepared. Every one continues to say interest rates are going to continue going up. There is a lot of shorting in for the treasury market. I believe this allows for the perfect bear market rally. Its a contrarian view for sure, and im not sure if this is the best spot to place a bet but I can see it coming in the future for sure. This is a quick little update, 1260 gold still could come into play of course. I am very impressed with how golds been holding while the US dollar continues to rise.
