Dollar Index (NYSEARCA:UUP) Setting Up To Drop
Let's take a quick look at the US Dollar and see what it is telling us about the markets right now. The Powershares DB US Dollar Index Bullish (NYSEARCA:UUP) has been on a tear the past 14 weeks. This has put pressure on many commodities including Gold and Oil. From the weekly chart below you can see that the Powershares DB US Dollar Index Bullish (NYSEARCA:UUP) is now trading into major resistance, indicating a pullback should occur shortly. This pullback in the dollar index will give a lift to the Market Vectors Oil Services ETF (NYSEARCA:OIH) and the Market Vectors Gold Miners ETF (NYSEARCA:GDX).
At the Elite Round Table we will be taking positions to profit from the US Dollar weakness and alerting our members live, exactly when we do so. Come and join us to get to get involved in the trading action!
At the Elite Round Table we will be taking positions to profit from the US Dollar weakness and alerting our members live, exactly when we do so. Come and join us to get to get involved in the trading action!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.