As we near the end of the first week of trading in 2018, is this about to send the price of gold soaring?
US Dollar On The Edge Of Serious Trouble
January 4 (King World News) From top Citi analyst Tom Fitzpatrick: “We confirmed a series of technical developments into the year-end close that suggest to us further USD weakness is likely to be seen in 2018. The DXY has been chopping around meaningful supports in the 91.85-92.30 range, though has failed to yet sustain a monthly close below. These levels have historically been pivotal going back 15 years and the 55-month moving average also converges there.
US Dollar On The Edge Of A Disastrous Decline!
A monthly close below those supports would add to the bearish US dollar bias and could open the way to at least the 2012-2013 highs around 84.10-84.75…
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Though a move to 1.35+ euro could mean an even lower US Dollar Index given its weight in the Index (57.6%), especially as other components of the US dollar are also showing signs of further strengthening against the US dollar.”
King World News note: If the US dollar begins to tumble along the path of the red arrow indicated in Fitzpatrick’s chart above (84 US Dollar Index), this will be incredibly bullish for gold, silver, and the shares of the high-quality companies that mine the metals. It will be very interesting to see if the dollar breaks below that crucial support. If it does, the fireworks in the precious metals markets will leave investors on the sidelines having to chase price much higher in order to establish positions.
***To listen to Michael Belkin discuss what other market shocks and surprises to expect in 2018 as well as why gold and silver are set for a massive surge in the coming year CLICK HERE OR ON THE IMAGE BELOW.
***ALSO JUST RELEASED: This Is The Real Reason Gold & Silver Are Moving Higher Today CLICK HERE.
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