Gold Holding Firm Despite Climbing Dollar ... For Now
Mid-Day Minute for Tue November 17th 2009
by Mike Paulenoff, www.MPTrader.com
by Mike Paulenoff, www.MPTrader.com
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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.
