GDX
Dollar is kingWatching the Dollar to see how it acts around the lower end of this trading range.
Dollar has been trading sideways since Nov.
Expectations of Fed rate hikes through 2019 has no doubt been a tailwind for the Dollar in the last couple months.
Depending on how quickly Powell changes his attitude and language in the coming (now every 6 weeks) FOMC press releases, Dollar will be affected.
Disclosure I am long $GOLD $GDX... a weak dollar would be appreciated.
Obviously we have not seen a strong dollar the likes of previous runs (see 1990s).
If we break through $98 and head north of $100 expect more pain in emerging markets... such is the cost of borrowing in other currencies.
Have a good weekend!
Short GDX, Gold. Hitting $1280 resistanceShort GDX, Gold. Hitting $1280 previous resistance, 50% Fibonacci level. $GDX has hit resistance and cannot close above $21. Sold my nugt from 2 weeks ago. Now bought 1/3 of $dust for swing. January, markets may rebound, so metals go down. Will wait and see, Happy new year!