Gold has suffered a swift 5.5% move in 7 sessions on the back of the Fed and some signs of more active policy. The Dollar therefore has rallied 4% on the DXY and Gold therefore gets killed right?
Yes and no. Gold has been beaten down but the rest of the inverse Dollar trades have hunt in and even rallied a bit ( see Oil, EM, CRB).
Chart on Gold shows $1220 as the area we traded to this AM and must hold or $1100 is the next big figure not $1300.
The miners are a beta play on Gold $ABX is the generic play on the miners. ABX has pulled back 16% in 6 sessions to trade near $16.00-$16.25...
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