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O’Hare: Gold dips as dollar gains
The current strength of the US Dollar has weakened major commodities as well as various currencies from emerging markets. With the dollar set to post a 3.5 percent gain this month, Steve O’Hare from First 4 Trading is hoping to leverage the dollar’s strength against spot gold.
Over the last four weeks, spot gold has fallen USD 70.00 or 5.5 percent. Prices have since consolidated around the 1220 USD/oz. level. In general, the dollar has neared a four-year high against most major currencies after a gaining 7 percent this quarter. This strong rise has caused investors to move funds from the typical safe-haven commodities like gold, to the now more secure dollar.
Expecting prices to move lower, Steve is looking to sell spot gold at 1225 USD/oz. and on a break of 1206 USD/oz. He is targeting a move to 1185 USD/oz. and eventually 1155 USD/oz. A stop can be placed at 1240 USD/oz.
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01:16 minutes
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