It appears the US Dollar has bottomed following an intermediate degree correction. This suggests that the dollar will rally for 6-8 weeks while gold heads lower. Gold has decisively broken down through its 200 dma. Traders are in a bull market mentality and will try to buy gold’s dips until sentiment becomes bearish. Expect gold to continue lower over the next 4- 8 weeks.
This post was published at GoldSeek on 5 July 2017.