On the surface, today's selloff in gold has all the earmarks of a dollar-related move. After...
On the surface, today's selloff in gold has all the earmarks of a dollar-related move. After all, the Dollar Index has risen nearly 2% over the past two days. Couple that with the standard Friday jitters, its only natural for support levels to be breached today. However, Oppenheimer's chief market technician Carter Worth says today's action all part of a bigger technical move. "A multi-year bull market has transitioned to a bear market," Worth says, and "the backing and filling of late is the normal setup for the next leg down."
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