Gold Market Wire
News, analysis and commentary for gold traders and investors
US Jobless Claims Hit US Dollar - Propel Gold Higher
March 26, 2020 - (Gold Market Wire) – A weaker US Dollar is propelling Gold higher in early US trade, as over 3 million Americans file jobless claims. The Dollar is now a full percent lower against the Euro and the British Pound. That move is giving Gold a tailwind. April COMEX futures have touched a high of $1670. Spot is roughly 30 cents under.
The 30 minute chart we used earlier:
Above is the 30 minute chart.
The length we took in our early post is paying off and we continue to hold it.
Pulling back to the daily chart we can see the place where we might take some profit.