My cynical view says they can keep it alive in perpetuity! As long as there is a need to use USD for trading purposes there is always a demand for USD, that is a fact. The US will try to dominate any country that threaten the reserve currency status and consensus view is China presents the likeliest challenge now that they have neutralised Russia. Someone posted about the new development bank (forgot the name) and as usual Aussie are the collateral damage. Not in US interest but OBVIOUSLY in Aussie national interest afterall they are our largest trading partner. Both incompatible Political model and skin color aside, the largest trading partner is a fact that can change but remains a fact for the time being. We obviously have to go with the US milirary security perspective because the Chinese who are only trying to raise their living standard can snap anytime and become irrational like a mad commie as portrayed by the west.
Going back to gold I was afraid 1240 would not hold and it shot through last night NY open. Rejecting the 38% retracement, not that I pay particular interest in random ratio levels. Worst case scenario it finds the recent low and breaks which means gold could be all over (?). There is still probably 45$ with a risk of $28 giving a risk reward ratio of 1.6 which is acceptable I suppose personally. The only issue I have with shorting gold is that I don't like to short into a well known and strong support. Coming off a very small swing high on the daily but if it is an intraday it is a different story. Good luck to those who are shorting. I will play the fiber/cable/dax.
