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Precious Metals Next Big Move Hinges On U.S. Dollar!

By kimblechartingsolutions
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Precious Metals Next Big Move Hinges On U.S. Dollar!

By Chris Kimble
 

When the US Dollar broke out to new highs last year, it looked like nothing could stop the greenback. And the headwind of a strengthening Dollar made it difficult for precious metals like Gold and Silver to advance.

BUT… King Dollar has fallen nearly 15% from its highs and 3 of the past 4 months have closed very near the important support zone of 100-102. This suggests that there has been little conviction of late. And this has provided a tailwind for precious metals.

The long-term “monthly” U.S. Dollar chart (below) highlights the breakout above the “red arrows” zone (100-102), along with the recent testing of that zone.

Note that the 2% zone of 100-102 has been support or resistance numerous times over the past 8-years, making this a critically important area to watch on a monthly closing basis.

Precious metals bulls should experience a fun price ride should support fail to hold here. Definitely something to watch. Stay tuned!

U.S. Dollar Index “monthly” Chart

us dollar index important long term price support year 2023 investors chart image

 

Note that KimbleCharting is offering a 2 week Free trial to See It Market readers. Just send me an email to services@kimblechartingsolutions.com for details to get set up.

Twitter:  @KimbleCharting

Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

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