Loading ...USD Cycle
USD has now broken to the upside of my near term Cycle down trend Fork as of yesterday (peekaboo) and is continuing up along the Blue Trading Cycle Trendline today. Took Profits on all my Large Miner positions yesterday and near the open (NEM, AEM, SA, NG) and started a hedge position with DUST (@ 4.30).
This may just be a move down by Gold to test the lower Pendant boundaries but much depends on the USD here so I’m just being prudent.
Thank you for these charts. My interpretation would be that any sustained strength in the dollar will cause another downdraft in US profits (based on which even now the market’s PE is high once again). If the CB’s want to keep the US ‘growth’ wheels on, they cannot tolerate a higher USD esp. with the world CB’s putting increasing pressure (upward) through their devaluations. I really think at this point the dollar up/gold down relationship is waning and gold will find a floor soon, esp. if the dollar breaks solidly upward. Upper right prong of fork (where we’re at now), is rebound peak IMO. I’ve faded this latest move selling energy and will likely get all out if it rises again tomorrow going into the jobs #.