Tuesday, July 28, 2009
Dollar Up, Gold Down
The US Dollar index went below its wave 3 of C low by one tick today, possibly marking the low of the decline. Gold, meanwhile, fell $17.70. It will be interesting to see if oil diverges from gold for a time as I speculated or if it follows gold lower. If gold undercuts the July low by mid August and the Dollar continues to rally, I will remain short gold. I will withhold judgement on oil for awhile.
Posted by R. Craig Pritchard at 6:32 PM