It appears there may be some good news on the horizon for gold bulls as gold and the US dollar may finally be at major turning points.
Dollar and Gold
March 11 (King World News) – The following is a portion of today’s report from Jason Goepfert at SentimenTrader: The Optimism Index for the U.S. dollar jumped to 70% late last week, a level that has preceded some tough weeks for the buck during the past year.
US Dollar Sentiment Flashing Danger Signal
That’s on a shorter-term basis…
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Jason Goepfert continues: On a very long-term basis, the 200-day average of the dollar’s Optimism Index has moved above 60%, a rarely-achieved level that has led to some longer-term trouble.
WARNING: US Dollar Sentiment Rarely Breaches 60
Optimism in gold has taken a corresponding hit, and at 35% is at a low-but-not-quite-extreme level. Since gold peaked in 2011, this has preceded just slightly positive returns.
Gold Sentiment Nearing Pessimistic Extremes
Returns have improved significantly when the Optimism Index dropped below 30%, so that’s something to watch for in the coming week(s) if gold continues to struggle.
This is another example of why Jason Goepfert is the best in the world at what he does — providing actionable market data. To subscribe or try a free two week trial to the internationally acclaimed work that Jason Goepfert produces at SentimenTrader CLICK HERE.
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