has broken through a significant support level during the course of the week, and looks very likely to continue going lower over the next several weeks. I think the 0.65 level obviously should cause a little bit of psychological support, but quite frankly there’s nothing at the 0.65 level that means anything important at this point. I do believe that we have a scenario that you are looking at a “fade the rally” type of situation here, just as you do anything against the US dollar right now.
After all, the Federal Reserve and the US dollar both are working against gold in the sense that higher rates and a strengthening greenback is like kryptonite for gold.has drifted a little lower during the week, but it should be noted we are barely hanging onto a significant support level in the form of the $18,000 level. If we break down below 18,000, then it’s likely that the market goes much lower, perhaps reaching down to the $12,000 level.
Nahhh
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