The Dollar Drop and the Gold Surge August 28
We don’t fight or fade trends in motion, and the big gap-and-trend action in both the US Dollar Index and Gold remind us why we hold this core trading strategy.
Let’s take a look at the “gap-and-trend” action:
The key resistance level – and target – for Gold was $1,300 and buyers shattered this level today, triggering a breakout event.
Similarly, the downside target for the Dollar was $92.50… and sellers shattered support.
Continue following these actions and these key price levels:
$1,300 for Gold and $92.50 for the Dollar.
Frame your new trades in terms of the DEPARTURE from these key price levels.
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Corey Rosenbloom, CMT
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Corey’s book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).”