With the U.S. Dollar Index surging above 96 and gold trading near $1,100, today King World News is pleased to share a piece which takes a remarkable look at the war in the U.S. dollar and gold markets. This piece also includes four key illustrations that all KWN readers around the world must see.
King World News note: This astonishing chart from SentimenTrader shows that the U.S. dollar hedgers have been covering shorts into the recent weakness in the dollar. They are now clearly off of one of the most bearish postures in past 30 years, where they were betting on a significant dollar decline. However, it is important to note that they are still net-short the dollar (see chart below).
King World News note: It is also important to note that the public has moved from one of the largest bets and excessively optimistic sentiment levels on the U.S. dollar rising to very close to excessive pessimism (see chart below).
King World News note: What is interesting is that even as the war in the dollar rages, the public is extremely pessimistic on where the price of gold is headed and that is very positive from a contrarian perspective (see chart below).
King World News note: You can also see the excessive pessimism with regard to the public’s view on where the price of gold is headed in their sentiment toward the gold market, which remains solidly in the “excessive pessimism” camp (see chart below).
King World News note: Regardless of where the dollar trades from current levels, it appears that the gold market is carving out a bottom as the public holds one of the most pessimistic views of gold in years (take a second look at the Rydex Precious Metals Asset Chart above). These charts are just a portion of one of the latest fantastic reports. To try a free 14-day trial of the internationally acclaimed work that Jason Goepfert produces at SentimenTrader simply CLICK HERE.
***ALSO JUST RELEASED: Equity Markets Attempt To Stabilize With A Dow Theory Sell Signal Already Triggered CLICK HERE.
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