Forex Trade Setups (European Close) Mar. 26th
Gold – Breaks the Stalemate
After dropping over $160 in the month of March, gold found its luster after being trapped in a $30 range since the 14th of March between $1630 and $1662. Today the metal broke the stalemate pulling back to the 4hr 20ema, before finding buyers who stepped in large pushing it up $25 in 4hrs. We suspect the trap at $1630 is where the buyers really entered and have been buying gold since. As long as the $1669 level holds, short term gold will be bought up so I will look for price action triggers off this level.. It should also be noted while gold was shedding the $190 over the last month, central banks were buying along with several sovereigns so we are expecting gold to be well supported near term.
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Global Markets Today:
The dollar got hammered across the board as Bernanke talked about ‘accommodative’ policies are necessary to create jobs. Investors globally interpreted this as the door being open for another round of monetary stimulus, aka QE3 which hurt the dollar as it gave up key territory against the EUR, AUD, NZD and precious metals.
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