Last week saw the price of Gold rise very strongly, printing a large bullish candlestick which closed right on its high- forextrade forextrading
candlestick which closed right on its low. The size of the weekly fall was the largest which has been seen in several years in the US Dollar.
We may see a short-term bullish retracement in the US Dollar before the price falls much further, as every major US Dollar pair has arrived at an area of likely strong support for the US Dollar but buying the US Dollar in the face of this unusually strong, fundamentally driven short-term momentum looks likely to be very dangerous.
The fall was already underway but really got legs after US inflation data came in lower than expected, reducing expectations of a more hawkish fed rate policy. This currency pair had been over-extended against the wishes of the Bank of Japan, which had recently begun intervening to bring the price lower. These factors all helped to contribute towards the abnormally strong price fall we have just seen.
The strongly bullish long-term trend in the US Dollar is now likely over, and the Euro is showing high short-term strength.
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