With the Dow tumbling on the heels of turmoil in Europe, this will be a global game-changer.
Is the high in for US Dollar? It’s starting to look like it
May 30 (King World News) – From top Citi analyst Tom Fitzpatrick: It is still early days in this process but more pieces to the US Dollar puzzle are coming together to suggest the top may be in…
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Fitzpatrick continues: The multi-decade US Dollar cycle remains very much alive and in particular the path from 1992-2001 remains the best roadmap of the US Dollar Index move from 2008-2017 (see chart below).
US Dollar Index Headed Lower!
Fitzpatrick also noted: A similar follow through would see a turn lower in the US Dollar Index from here as the broader, multi-year downtrend resumes.
King World News note: Look at what happened after the -14% downturn in the 2001 time frame and the subsequent bounce. The US Dollar Index collapsed from 108 below 72!
$1,365-$1,400 Resistance On Gold
If the dollar bounce is indeed over and begins to reverse significantly lower, on a short-term basis that would be the setup for a break below the key 87-88 level on the US Dollar Index. A break of that key level would send the dollar plunging to 84, setting up the gold market for a major breakout above the $1,365-$1,400 area.
ALSO RELEASED: EXPOSED: The Quiet Global Panic Into Gold CLICK HERE TO READ.
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