February 3, 2023

Forex Solution

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Gold succumbs to the dollar bid as it falls to flat on the day

1 min read

Nowhere to hide today

Gold has given back all its gains, falling back to $1793 from a high of $1814.

Gold had been one of the few places to hide today but no longer as the pop that started in European trading has disappeared.

The drop might leave an interesting pattern on the daily chart if we close here. That’s a big spinning top and a failure. At the same time, this dollar rally is suspect and looks more like a squeeze than a protracted move.

Nowhere to hide today

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