us$/gold breakdown

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    Technical signals fell apart on gold to-day and went bearish. XAU collapsed under a support zone as disappointed longs flee the market. US$ is soaring, doing the opposite to gold.

    Oil is still holding out. Platts came out yesterday and said US market is currently well supplied with oil as did the axis of evil Iranians came out and said they want oil to fall to $40. I'll go with the Iranians on this one. We are now weeks away from the end of the US winter, dollar is strong I still think the shorts will win out here. OPEC also released its January report, said that there is plenty of oil around at this time.
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