USD's Bearish Reversal Pattern Could Bring Weakness
Quote from Josesv on June 8, 2018, 11:20 PMSeveral weeks back, we highlighted why the U.S. dollar might be due for a rally – and how this could slow the rise in precious-metals prices. The greenback was deeply oversold and testing a confluence of price support.
That support can be seen in today’s updated chart as well (see green lines).
Sure enough, the dollar put together a multi-week bounce that carried it up to the November 2017 highs before stalling out last week. That rally coincided with a pullback in precious-metals prices.
Bearish Reversal Pattern?
The November 2017 highs proved to be stiff resistance for the buck – USD literally stopped on a dime and reversed lower. Will this reversal mark another important turn?If USD creates a short-term peak at point, it will send a positive message to precious metals. Stay tuned!
Several weeks back, we highlighted why the U.S. dollar might be due for a rally – and how this could slow the rise in precious-metals prices. The greenback was deeply oversold and testing a confluence of price support.
That support can be seen in today’s updated chart as well (see green lines).
Sure enough, the dollar put together a multi-week bounce that carried it up to the November 2017 highs before stalling out last week. That rally coincided with a pullback in precious-metals prices.
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Bearish Reversal Pattern?
The November 2017 highs proved to be stiff resistance for the buck – USD literally stopped on a dime and reversed lower. Will this reversal mark another important turn?
If USD creates a short-term peak at point, it will send a positive message to precious metals. Stay tuned!