With precious metals still consolidating recent gains, is this shocker about to send the price of gold and silver soaring?
Top Citi analyst Tom Fitzpatrick: The U.S. dollar actually posted a bearish outside week at the high of the up move 3 weeks ago. This suggests that we could see it all the way back towards the 91.92 low posted in May…
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A break below the support area from 93.13 to 91.92 would suggest extended losses towards good support in the 88.03 – 89.62 range, with an outside chance of an even deeper move towards the 83.50 area if this was to be looked at as a downward sloping head and shoulders/double top (see chart below).
U.S. Dollar Set To Plunge?
King World News note: If the major 88.50 level of support on the U.S. dollar fails, look out below! (see chart II)
If 88.50 Level Falls On U.S. Dollar, Look Out Below!
King World News note: This type of plunge in the U.S. dollar would be remarkably bullish for the prices of both gold and silver as well as the accompanying shares. It will be interesting to see how the dollar trades in the coming days and weeks and how the gold and silver markets respond.
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