Big Intraday Swings in Gold and the US Dollar April 22

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

Afraid to Trade.com

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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).

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One Comment

  1. I think at present we could get into long mode with Gold, but of course we need to use good money management so we can adjust for any negative move. I like the suggestions and guides by this awesome blog since that helps in performance. It’s also handy for me with OctaFX since they got excellent swap free account feature, so this encourages me for doing long term trading and I never have to pay overnight charges to them making me relaxed.

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