If Dollar has got itself oversold and hanging by the neck at the supports…gold is doing exactly the opposite; its overbought and flirting with the resistance, maybe tryin2consolidate here before making that surge! See the last week’s post!
As you can see from the chart above, that nothing major has happened over the week besides consolidating at previous highs and of course The Pièce de résistance $1000 has been humbled for time being. It all depends now on how we behave here, coz failure to hold on to 990/80 can set some weakness. By the way since I spoke about reversion to the mean in my previous post on the Dollar, why not speak of it in Gold too? The price has indeed drifted far above the nearest MA therefore a breather here would do a good and enable the MA to catch up with the price and provide another springboard for the next leg up!!!
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