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ACM Precious Metals Alert: Gold 180 Reversal in Intraday Trading
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Traders jumped the gold ship, as bears took center stage driving prices lower in the precious metal. The dollar strength fell to the waist side, as both the Euro and Cable surged putting strong negative pressure on the greenback. Usually a drop in the Usdwould trigger a uptick in gold, but today fundamentals were displaced from actual price behavior. Late day buyers were absent today allowing gold to fall as much as $27 to $836oz and close slightly stronger to $843oz. From a technical perspective, +DMI reads at 43.77 implying a strong positive trend. We should look at volatility at the open to gauge if there will be enough volume to create any true momentum.
Support: 836.70 Current: 843.20 Resistance: 867.08
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