Following the massively bullish US dollar on Friday night, taking out the key 90.5 on the US dollar index, I suspect there will be plenty of punters who will say that "gold is finished."
Even gold guru Jim Sinclair wrote that "the dollar completes a bullish reverse head and shoulders."
There'll be plenty of sellers eager to get out of any gold positions they have taken in order to avoid what they see as a new US dollar stampede.
Jim Sinclair also wrote:
"With the US economy effectively rolled over but still at a high level of consumption, the US trade Balance is in harm's way big time.
With the US economy effectively rolled over but still at a high level of consumption, the US trade Balance is in harm's way big time.
.....As the black boxes mindlessly buy the dollar, the internals stink worse than a meadow in NJ in high summer....
Next major support for gold is at $450 - $452. Gold will as I see it with much drama and noise reach and exceed $529. You laughed at $440 and $480 so contain yourself on what looks unlikely today, keeping in mind there are tomorrows with much different definitions."
