On the heels of the metal consolidating recent gains, today market veteran, James Turk, told King World News this is about to trigger the next major move for gold and silver.
US Dollar Index Tumbles From 114+ To 103
January 10 (King World News) – James Turk: There is some important news about the US Dollar Index, Eric. I have mentioned before the 104-to-105 area, and I have been waiting for the Index to break one way or the other.
We did get a head-fake above 105, which was then quickly reversed. The Index has now sliced through 104 and broken to a 7-month low. These developments add to the bearish prospects given that the Index is trading below its 200-day moving average, the red line on the chart below.
US Dollar Hits 7-Month Low
We now need to watch carefully to see whether the Index just continues to drift lower or whether it starts gaining downside momentum. The next key support level is 102…
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Regardless of the speed of the Index’s descent, a weaker dollar is bullish for gold and silver, which are still probing overhead resistance at $1875 and $24 respectively. But both appear to be grinding through these resistance levels and ready to begin another upleg.
This Will Trigger The Next Major Move In Gold & Silver
The latest US CPI report is due on Thursday, so the metals may remain subdued until then. But a bad report showing inflation remains stubbornly high could provide the impetus for the next move in gold and silver as well as the US dollar.
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