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Gold Bulls Hoping For Trend Change In USD As It Tests Support

ByChris Kimble
Published 07/30/2020, 09:52 AM
Updated 07/09/2023, 06:31 AM
The past several weeks have seen the US dollar decline sharply and the euro and Aussie dollar rally. These swift moves have helped push gold to new highs.

But they have also brought this trio of currencies to a critical juncture, reflected in the charts above. The US dollar is testing trend support at (1) while the euro and Aussie dollar are testing trend resistance at (2).

Currencies face big tests of Support and Resistance.

So will these short-term moves end here and allow the broader trend to continue?

Or will the US dollar break down and euro and Aussie dollar breakout higher, causing major trend changes?

Metals want/need to see King dollar break support and the euro and Aussie dollar breakout? If these long-term trends do not change, odds are high metals are near a peak in prices.

Original Post

Latest comments

gold next tgt
silver next tgt
If I See MAX period in Technical analysis the USDx still have higher trend resistance depress this short-term up trendy channel.
The long term trend is down, the only thing that temporarily props it up is low rates and QE which aren't ironically also ***it.
The only mistake I see is the naming "king dollar", thanks to Fedc and Trump it is more similar to "toiler paper" now.
Trump is a manipulator, and he is attacking Switzerland!
Trump is in a big and dangerous situation to lose the elections with a weak dollar!
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