U.S. Dollar Showing Technical Strength
Over the past 5 weeks the U.S. Dollar has been showing a very interesting technical chart pattern. If you look at the above daily chart you'll notice the higher lows that have been taking place as well as the resistance line which comes in around the 86.00 area. This is a bullish formation and suggests that we may see the dollar rally which may put further pressure on gold.
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![[Most Recent Charts from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_4.gif)
![[Most Recent Charts from www.kitco.com]](http://www.kitconet.com/charts/metals/silver/t24_ag_en_usoz_4.gif)
![[Most Recent Exchange Rate from www.kitco.com]](http://www.weblinks247.com/exrate/24hr-euro-small.gif)
5 comments:
the recent two day sell off in gld and slv could partly have been fueled by margin calls
Great post as always.
All your charts are in log scale or in arithmetic scale?
Thanks for this new post Kevin.
During a "credit event" (deflationary environment), the dollar and gold might rally together; higher dollar doesn't necessary imply lower prices for gold. Actually, we say "cash is king" and it's obvious gold was traded as money during this bear and not like a commodity.
Watch for currency market reversal day around Apr 17th-23th.
My charts are in log scale.
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