Big Intraday Swings in Gold and the US Dollar April 22

Apr 22, 2016: 1:21 PM CST

Have you seen the big swings in Gold and the US Dollar?

If you’re trading these markets – or related ETFs – you certainly have but if you missed it, take a moment to look at these interesting and tricky price swings.

Here’s Gold (@GC) and the US Dollar (@DX) on the 30-min chart:

Both markets experienced short-term sideways trends through April and both markets violently reversed course off trendlines within the range.

First, Gold gapped up through resistance back to the $1,270 upside target and then collapsed, filling the gap and reaching the opposite range trendline near $1,230.

That’s a huge swing that trapped a lot of short-term traders.

Similarly the US Dollar Index reversed violently off its expected support at $94.00 and achieved the $95.00 range high target level.

We discuss these markets each weekend for Weekly Intermarket Strategy Members – join for full details.

Commodities (futures) can be volatile, trapping traders quickly or similarly quickly adding profits to accounts.

Note these big reversals and opportunities within the rapid price action.

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Corey Rosenbloom, CMT

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1 Comment

One Response to “Big Intraday Swings in Gold and the US Dollar April 22”

  1. Marshell Says:

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