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05-Jan-09
Dollar at Crossroads
While I think the dollar is heading down longer term you’re guess is as good as mine in the short term. What I do know is that it’s at RSI trendline resistance right now and it’s either going to bust through it (which would be bad for gold) or it’s going to reverse off of it and collapse.
The 50 RSI value is significant and it closed just a hair above it. If it can hold then I’d say the chances of the dollar rallying further are better than average, which would pressure gold in the short term.
Posted at 21:08 in External Blog | Permalink | Top
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