$USD

Updated

Dollar is flagging at resistance and prior ST channel bottom. While still in Bearish trend the angle has lessened and reactionary trend is up. If successful to break above resistance GLD would break below support at that point and one could enter DUST positions. Resistance zones above are shown on Chart and would be good sell targets for related trades. A breakdown of the dollar would lead to move higher in GLD and NUGT could be traded then. While STOCH is reaching levels usually indicative of tops in this dollar decline, and it could be rejected at resistance here, the price action continues to be bullish and seems like it wants to retest the $91.80 resistance zone which would send GLD to 118-119 range. A break above the $91.80 and next trgt $92.65 and GLD could easily see 116.

Wait for confirmation and trade accordingly.

A bullish move in the dollar here would negatively affect all commodities so numerous trades( oil, metals, FX ) could be generated and dictated by moves here,

"In the middle of every trend, lies opportunity" -

Note

Appears to be rolling over here. Long gold and commodities and calls on short dollar would be taken here if not already initiated,

Note

GLD is responding to break down in $ by starting its bounce off support here. Long NUGT and GLD/GOLD anyway one chooses, close stops on any 3x ETF. Gold nearing upper channel 1333 area so caution warranted.

Ive been long JNUG since High $11 range .

Note

Break down in dollar,,night, JNUG, gold all up substantially. May get reactionary bounce in dollar at some point, , if so enter or add positions in gold there. Stops if dollar breaks back into channel but trend is down.

Note

Dollar has formed undercut low of last daily cycle low and now rallied back into red channel. I believe it will now now try and run to top of channel 91.80 area ( as I thought it may in my Feb 11 post above.) and this will not bode well for GOLD, and commodities in general. One should look to trade the inverse funds of gold off the dollar charts. It has worked very well for me and my trading.

jmil

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