Gold reversing the last week correction

The news that warren buffet has joined the gold rush and turning some of the firm investment in Gold are giving a boost for the precious metal.

Gold has fallen sharply last week after reaching all time high at 2060$ area. Gold found support at 1860$ area and reversed back up sharply to trade currently at 2000$ area again.

I dont believe this reversal will last long , we will have some range trading between 1930$ and 2020$ area for a long while before breaking below 1860$.

This view is invalidate if gold breaks above 2020$ area.

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Usd recovering against the board

The dollar has been regaining some strength since friday noon. Usdjpy has recovered 100 pips from 107.30¥ ...the pair might face some tough resistance at current area, however i think we might be heading towards 110.80¥ soon. Resistance area can be found at 108.40 followed by very tough resistance at 108.80¥. If broken , we will have clear way to break the medium term downtrend andstart building new bullish trend targeting a break above 115¥ in the medium term. I am on the side of that reversal scenario unless we see a decisive break below 106¥ on daily or weekly close.

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$achr weekly chart Trading at 50 and 100 WMA

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