Not much happening in forex here – in fact the US dollar has moved up marginally against a basket of world currencies since the retail report at 8:30 am ET.
US Dollar Index – currently trading at 84.63 – until this range is broken in one direction or the other, Gold is likely to continue to plod along dangerously below resistance:
Gold Contract – daily: now will be on bar six of a bear flag rising to resistance.
We’ll just have to keep watching this. If taking any Gold stock or ETF oriented trades that happen to trigger today, be aware that nothing is resolved here and the outcome of Gold vs Dollar may not favour Gold.
Heads up: after markets close on Thursday Federal Reserve Governor Ben Bernanke will speak on a dollar-moving subject – the U.S. current account deficit, at the Federal Reserve Bank of St. Louis.
05.04.13 09:29 #