The bouncing U.S. dollar index (DXY) makes the game these days for the top metals, so I added its chart below to show you the possible path of the next move.
Most of you agreed with the map that I showed you a month ago. It indicated more downside for the DXY. On the 6th of January, the dollar established a new valley at 89.21, proving we were right. The price followed the red zigzag down and even the turning point set around 89.5. Continue reading "Gold & Silver: The Dollar Still Looks North"
There is a quote from my post in November of 2020 - "Silver could spoil this party where the stars aligned for DXY and gold." I've meant that the uncompleted chart structure in the silver graph could signal a more complex correction despite the bullish move as it was just the junction between larger downside moves. These words turned prophetic as a poisoned silver arrow hit precious metals badly last week.
Hold on tight; the roller-coaster ride carries on.
Let us start with the silver chart below, and you will see why I chose it to be the first.
You saw this chart a month ago when I was questioning "Could Santa Only Visit Gold?" as I doubted the non-stop rocket move for silver.
It is the exact same chart with an updated price graph. The green leg (ii) of the joint moved exactly as projected in December. It just traveled a longer distance equal to 1.414 of the green leg (i). That is why I turned the orange trend channel higher. Continue reading "A Poisoned Silver Arrow"
The time has come to see if any top currency could rival gold, which established the new all-time-high this year in this traditional yearly post.
Seven currencies represent the fiat money: U.S. dollar (USD) and six components of the U.S. dollar index (DXY) placed by weight: Euro (EUR), Japanese yen (JPY), British pound (GBP), Canadian dollar (CAD), Swedish krona (SEK) and the Swiss franc (CHF). Bitcoin (BITSTAMPUSD) is also here to represent the hyped crypto-world.
Before we jump to the results of 2020, let us see below how you predicted the future back at the end of December 2019.
The majority of you bet that the "rookie" Bitcoin would beat all others, including the regular favorite U.S. dollar in 2020. The latter was the second choice a year ago. The third pick was interesting as it was the British pound, which was not in the shortlist of your bets before, but it managed to rank #3 last year.
Let us look at the diagram below to find out the results. Continue reading "Top Currencies VS. Gold In 2020: This "Rookie" Rocks!"
The plan posted at the end of November works amazingly well, so far as price accurately charts the preset pattern at least for the gold, which could offer a good trading opportunity soon.
Let us check the "King's" chart first to see what's happening.
I switched to a smaller time frame to focus on the current leg down, as we saw on the chart before.
The U.S. dollar index (DXY) is building a slightly up-sloping sideways consolidation (orange channel). I think we can see another leg up to touch both the upside of the orange channel and the trendline resistance of the black dashed downtrend. This area around 91.5 would offer double resistance. Continue reading "Buy Setup For Gold, Two Paths For Silver"
We entered the most awaited period of the year when gold bugs could enjoy the traditional end of the year Santa Claus Rally. Let's check the charts to see if everything is setting up for a rally.
Most of you were right that the U.S. dollar index (DXY) will not follow the pink clone to the upside and continue down.
The DXY finally broke the valley of a consolidation. This gave the acceleration to the move down and buoyed the precious metals' prices significantly. Now, there are no other barriers ahead of the former valley area of 88. The DXY, aka "King," could dress up like a Santa, at least for gold. Please read till the end to see why I didn't mention silver. Continue reading "Could Santa Only Visit Gold?"
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