USD is Strong and GOLD is Down

Posted on Thursday, February 4th, 2010 at 11:58 am.

As you may know the Gold markets correlate with the USD currency pair in the Forex Market. You can see that Gold has dropped down and the NON farm pay roll came out this Thursday. As you can see anything that is trading with the USD has made some big moves today. lf you haven’t taken advantage of this big move today then stand aside until it hit support or look for a reversal pattern or pull back trade for a small amount.

You don’t want to trade against the main trend because the trend is your friend in any market especially the Forex market. The markets should consolidate during the closing of the New York session so wait for the market to break out in a direction.