Gold rallies as the Dollar retreats

A tall shadow on the Dollar Index warns of selling pressure. Breach of the new support level at 98 would indicate a test of the rising trendline at 96. A Trend Index peak below zero warns of selling pressure. A weakening Dollar will increase demand for Gold.

Dollar Index

Spot Gold is testing resistance at $1440/1450 after consolidating above short-term support at $1400. A Trend Index trough above zero indicates buying pressure. Breakout above $1450 is likely and would offer a short-term target of $1500/ounce.

Spot Gold in USD