gold has gone from 1201 to 1320 w/o a correction. 119 gain w/no correction . there is big resistance @ the 1320 area in gold .it was up 6 days straight, so a correction. has started. i expect it to last into the brexit vote. i am not in the camp of the dollar bugs. i do see that the fed offers some return where the eu has negative rates. the fed made it clear -they are confused , the economy is weak, raising rates isnt prudent at this time. its the signal that brought the market to 1320.
gold is making an inverse h&s pattern on the daily charts tbond chart . t bonds are the ultimate risk off. but in gold terms the chart is looking encouraging
i look for correction/consolidation in gold to continue 1250 would not surprise me.
dharma