Loading ...A Dollar Chart To Consider
I’m seeing an ever increasing number of Bullish Dollar predictions now. In an effort to maintain balance, here’s another way of looking at my view of things…
A move above 98 will give me some cause for concern though. A breakdown of the Dollar cycle would be interesting to see, and may well cause big problems for PMs, but It would take a convincing, sustained move above 98, and a corresponding move below $1220 in gold for me to think it likely. At this point I’m considering it a low probability outcome (but certainly not impossible). These sine waves/cycles are very powerful though, and not just a figment of a chartists imagination. They are very real, and there for a reason.
As I type, the Dollar Index is 98.11 – not a good sign for PMs if we close the week above 98. Now we need to keep a very close eye on downside support for gold.
yeah but gold and silver seem to be taking it in stride so far
So far…
Hui not quite buying it either.
We’re getting to a fascinating point here. Decision points at major support and resistance levels in multiple markets.
It will be great if you are right but I think that currencies like the dollar and euro and gold are such managed markets (nice way of saying un-free)that it might not be prudent to expect them to behave in a predictable manner in charts and waves and cycles, etc. Ultimately they will do what they will, but I give them a wide berth to misbehave.