No , I didn't forget about you. There were no real signals yesterday and today we can see the markets are fairly quiet. I am feeling a push against the dollar and expecting the Eur and Gbp to possibly make the move first. The weakening dollar which I believe is impending, could also break gold out above 600. I am going to tighten my gold stops and the reset an entry near $604. If we can't break that level gold will probably putter around in the 590s.
The Gbp/Usd is close to moving beyond a level of resistance. The price movement today has arguably passed above resistance. I want to see a close past 1.7535 at which point I will go long the pair. Climbing oil prices will only add to the move.
Looking at the Eur, this could be testing old resistance on a large wedge ready to move us to the 1.2500 level or higher.
Blake Young
Random Acts of Forex
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