For those that were unable to watch the video on the precious metals, miners & US Dollar published earlier today, here’s a quick recap of the developments in the metals, miners & US Dollar since last Thursday’s extensive video coverage.
US Dollar Index futures (/DX) reversed right on cue off the initial tag of the 92.13 support level today following a failure at the backtest of the 60-minute price channel on Thursday & subsequent drop into today’s lows. My expectation is for a minor reaction that will soon be faded with a resumption of the downtrend in the US Dollar.
DX 60-min May 14th
My expectation is for a minor bounce in the US Dollar after hitting the 92.13 support level today, which would take gold futures down to either the 1317ish (current) level & possibly as low as the 1311 level before a resumption of the uptrend.
GC 60-min May 14th