-2.5 C
New York
Monday, December 23, 2024
HomeCharts
ChartsMarkets

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

By kimblechartingsolutions
0
1626

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.

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments

Stay Connected

156,327FansLike
396,312FollowersFollow
2,330SubscribersSubscribe

Latest Articles

Load more

Note: The material presented in this commentary is provided for informational purposes only and is based upon information that is considered to be reliable. However, neither PSW Investments, LLC d/b/a PhilStockWorld (PSW) nor its affiliates warrant its completeness, accuracy or adequacy and it should not be relied upon as such. Neither PSW nor its affiliates are responsible for any errors or omissions or for results obtained from the use of this information. Past performance, including the tracking of virtual trades and portfolios for educational purposes, is not necessarily indicative of future results. Neither Phil, Optrader, or anyone related to PSW is a registered financial adviser and they may hold positions in the stocks mentioned, which may change at any time without notice. Do not buy or sell based on anything that is written here, the risk of loss in trading is great.

This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities or other financial instruments mentioned in this material are not suitable for all investors. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only intended at the moment of their issue as conditions quickly change. The information contained herein does not constitute advice on the tax consequences of making any particular investment decision. This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation to you of any particular securities, financial instruments or strategies. Before investing, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

Contact us: support@philstockworld.com

© Copyright - PSW, LLC.

2024
0
Would love your thoughts, please comment.x
()
x