Gold Tumbles To Key Technical Support As Dollar 'Dead Cat' Bounces
Soren K is off today. Thanks to Tyler D.
The Dollar Index is spiking phoenix-like from the flames of collapse this morning on the basis of one jobs number (and still-low Dec rate-hike odds). Gold is reacting to this kneejerk, tumbling over 1% and testing down towards its 50- and 100-day moving-average support...
We have seen this kind of squeeze in the dollar index before (cough last week after The Fed's plunge)...
But gold is breaking down - running stops below the week's flash crash lows and testing towards its key technical support...
Gold 50DMA at $1259.20, Gold 100DMA at $1260. Gold 200DMA at $1244
Stocks just dropped into the red post-payrolls...
Courtesy. http://www.zerohedge.com/news/2017-08-04/gold-tumbles-key-technical-support-dollar-dead-cat-bounces
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