Gold Market Wire
News, analysis and commentary for gold traders and investors
US Dollar Surges
April 30, 2021 - (Gold Market Wire) - Well, there is no hiding what position the traders unwound and flattened for the close of the month: their short US Dollar position. Squaring out on the last day like this is something only a computer programmed (idiotically) to do, would do. And do they did... in concert.
As we kick off the next month on Monday, this will be the real market to watch. We've had a one month retracement lower in the Dollar, which was pretty much the inversion of the month before...with one caveat: we didn't make it below the previous Dollar low, so we still have a succession of higher lows for the Dollar. (please note: chart inversion...higher numbers = weaker Dollar.) So we ask - 'was that it?' Is the Dollar set to move higher now? We are generally bullish the Dollar at GMW and so are keen to see Monday's opening. If we retrace up again - we may yet see an opportunity to get long the Dollar once again.