Friday, November 09, 2012

$XAUUSD and $USDX Follow Up Analysis

Gold gained for the 4th day while dollar index consolidate. It reach the mentioned correction target at 50% fib retracement level of October downtrend (x-a) at 1733.
I think we may see a correction pattern forming in the next few weeks (or even until end of year), testing this month low. Daily momEMA(20) still below momEMA(50) and I'm hoping to see 14-day momentum back below 100 level.

$USDX Daily chart - Dollar on demand.
$XAUUSD daily chart - Strong resistance around 1737

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