Loading ...Update On Possible Breakout
It’s happened in many global currencies already. The USD basing pattern is the prettiest of the lot. A perfect rounded base, with a ‘zone of turbulence’ on top (in red). At some point in that red zone, we’ll hit a ‘point of recognition’ and PM stocks will catch fire again.
Here in the UK, we’re green across the board now…
Back to DXY, we can zoom in a bit and see some possibilities…
As I’ve said recently, this either takes off as I’m expecting, or it’ll be the biggest failure since the chocolate fireguard 🙂
I honestly would be surprised to see gold pass the $1370+ level at first test. My favored scenario is to break that level at next gold assault in some months.
I think that’s what most gold bulls are thinking, but I’m just starting to wonder – we’ve popped above $1350 a few times in 2016, again in 2017 and 2018. It’s possible she’s ready to blow captain (to coin a phrase from Star Trek). That brutal move down where we lost over $200 in less than a month, could possibly be replicated to the upside. It’s worth considering as a possibility. Can you imagine how the miners would react ?
$$$$$
🙂
Correct, lol.