Higher dollar sends gold lower
Gold is trading at the lowest level since Feb 2010 as the dollar continues the rise. The low today has come in at the 1066.66 so far. The low price from the week of Feb 12, 2010 came in at 1061.85 (next target). The swing low from the week of Feb 5, 2010 came in at 1044.25. Needless to say, the all important $1000 level is approaching. The last time gold traded below the $1000 level was during the week of October 2, 2009.
I can tell you the commercials on the radio are all hawking gold in my area. Sounds like there may be some longs still caught out there.
Looking at the hourly chart below, Gold fell below the 100 hour MA yesterday and broken lower today after falling below the low from Thursday. That low comes in at 1074.25 and is now close risk for shorts.
