As the SPX XAUUSD and DXY dollar index all snake higher it looks as though the S&P 500 is losing steam.
Any moves made by the fed or statements by Trump / Mnuchin to stop and reverse the USD milkshake theory from unfolding and reverse the dollar will send XAUUSD higher at an even faster rate.
RSI indicates a repeat of the previous move higher in gold. This move would take XAUUSD to the $1690 to $1720 range in the upper end of the pitchfork some time withing the next 30 days or so.
It looks as though gold will go higher even if the S&P 500 were to move sideways or even up at a gradual pace, this has been the trend lately. Given macroeconomic conditions and risks, it seems more likely that the next big move higher will likely come from gold rather than the SPX.
Any moves made by the fed or statements by Trump / Mnuchin to stop and reverse the USD milkshake theory from unfolding and reverse the dollar will send XAUUSD higher at an even faster rate.
RSI indicates a repeat of the previous move higher in gold. This move would take XAUUSD to the $1690 to $1720 range in the upper end of the pitchfork some time withing the next 30 days or so.
It looks as though gold will go higher even if the S&P 500 were to move sideways or even up at a gradual pace, this has been the trend lately. Given macroeconomic conditions and risks, it seems more likely that the next big move higher will likely come from gold rather than the SPX.
