This post was just published on ZYX Buy Change Alert.
U. S. dollar is slumping and gold is flying high in the wake of ECB President Mario Draghi’s press conference.
Earlier today both ECB and the Bank of England left rates unchanged.
The key take is that ECB balance sheet continues to shrink and that is the real reason behind the move in gold. In contrast the balance sheet of the Fed is continuing to expand.
The U. S. stock market usually goes up when the dollar weakens.
Gold futures are at $1669, silver futures are at $30.65, and oil futures are $94.25.
S&P 500 resistance levels are 1465, 1472, and 1480; support levels are 1450, 1444, and 1439.
DJIA futures are up 51 points.