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FMX Technical Analysis: Gold vs. Dollar Index Suggests Reversal

|Includes: SPDR Gold Trust ETF (GLD)
Comments:

Gold has seen extensive selling these past days after piercing its trend line, 20 day and 50 day MA’s. On Friday gold found extensive support at the 100-day MA. Key levels that must be watched are support (1087) and the 100-day MA. On the dollar chart, there may be a double top at play as indicated bellow. If the dollar top is confirmed, gold is likely to continue to rally off the 100-day MA and 1087 support level. The dollar is likely to sell off from the double top.  For more charts and data go to www.fmxconnect.com

Daily Gold Chart:

Daily Gold Chart

Daily Dollar Index Chart:



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