Gold - Fear, page-2

Gold itself has many fundamentals pulling it up or down. Even among local Goldie's, some are performing better than others depending upon the momentum of individual gold stocks. On the spi futures, righ shoulder had formed for some times, if support breaks then s possible momentum slide. High AUD is not helping inflationary expectations. Neither is it helping local Goldie's earning in AUD.

However USDX is currently a misleading measure of US economy with headline jobless figure at very low so I expect another rate rise soon even if token. The fact the other major economies are out of their rut means either USD gives in or the rest. USD have been strong the whole of 2016 that allowed its trading partners to recover. Now the table turning so if works growth improves it if inflationary and coupled with higher IR spells bearish for gold if real rates expands. However COT commercial positioning suggest this group is likely to start selling and this is good for gold. The double top n double bottom is trapping GP is a trading range so it will continue until it doesn't. Directional bias is much more difficult to anticipate.