Gold continues ascend and breaks out from a triangle formation

Who's buying all that gold? Gold broke to the upside from the triangle mentioned yesterday. That alone should have sent USD down but it did not... USD was sold off in the morning but it regained a portion of the loss. Euro did not follow gold's example and failed to break it's triangle. Clearly NY session has a long way to go but if EURUSD fails to close above 4300 (currently 4260) then the candle formation will look very bearish again.

Unemployment claims were slightly disappointing coming at 570k vs exp. 563k. ISM came out in line with expectations at 48.4 still pointing to contraction. Oil dipped below 68/b while US equities are currently up about 0.2%.

Today's play is short USDJPY around 92.65-75 area (currently 92.55) below trendline resistance. Downward sloping EMAs pointing to further weakness and Williams %R rolled off overbought area pointing to lower prices ahead. Target is mid July lows at 91.75.

Good trades.