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Gold Alert: Great Entry Point to Short Gold

ALERT looks like good time to get into gold, weak dollar, still can’t break out of channel see chart below

Despite a USD in retreat across the FX spectrum after disappointing housing data and oil shooting up, gold still can’t break out of its steep down channel, with the 61.8% Fib retracement providing additional resistance along with the upper line of the channel.

GOLD DAILY AVA FX CHART 17:38 GMT

DISCLOSURE: NO POSITIONS



Disclosure: GLOBAL STOCKS, CURRENCIES, FOREX, OIL, GOLD, DOLLAR, YEN, POUND, EURO, EUR/USD GPB/USD, USD/JPY, AUD/USD, NZD/USD, GBP/USD, USD/CAD, EUR/GBP, USD/CHF, FOMC Rate Statement, Euro-zone debt crisis, Greece Debt Crisis, Dubai Debt Crisis