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Thursday, March 12, 2009

US Dollar and Gold Looking Weak

The US Dollar index has been consolidating at 89 and confirmed hanging man yesterday, which is bearish. It has also closed below support and trendline. Next level of support for US Dollar index is 86.

Gold hit $1000 mark in Feb. Now it is sitting right at the trendline and horizontal support. We have a potential head and shoulder formation. If it closes below this critical support, we are likely to see a measured move down to $800.

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