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All I can say is that when you have Geitner, Summers, AND Bernanke all chiming in with comments about the need for a strong dollar, smart money listens – and dumb money had better be prepared for some wicked volatility (against their short position). In the extremely interventionist world in which we find ourselves, my sense is that you really need to reevaluate a short dollar position when the three highest US financial market officials are telling you that they don’t like your attitude. In any case, let’s notice that since my last posting of this chart earlier today, gold prices have down-ticked a bit, while the DXY (cash dollar index) has climbed to 76.50 from 76.00. On a Friday ahead of a weekend when the central banks could intervene Sunday night, I will not be surprised to see the DXY and its ETF the PowerShares DB US Dollar Index (NYSE: UUP) continue higher, which could put some intense pressure on gold prices and the SPDR Gold Shares (NYSE: GLD). Be careful out there! For more of Mike Paulenoff, sign up for a Free 15-Day Trial to his ETF Trading Diary. (https://www.mptrader.com/reg/mmm) mptrader.com For full details on SPDR Gold Trust (GLD) click here. SPDR Gold Trust (GLD) has Short Term PowerRatings of 5. Details on SPDR Gold Trust (GLD) Short Term PowerRatings is available at This Link.
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