Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

USD May Be Topping

Published 11/16/2018, 01:39 PM

USD

King dollar has spent the majority of the past 7 years inside of rising channel (1) as it created a series of higher lows and higher highs.

The 2018 rally has it kissing the underside of potential resistance this week at (2), where it could be creating a bearish reversal pattern. This one-week action has NOT changed the upward trend in USD.

If it breaks rising support at (3), the odds favor that some selling pressure will take place, which metals would love to see!

Below looks at the monthly patterns in gold and silver.

Gold And Silver

As King $ could be creating a topping pattern, gold and silver are both testing key support levels at (1) and (2).

Metals bulls would love to see King$ topping and gold and silver bottoming at the same time.

Latest comments

Thanks Chris! It really seems like the USD might go down, but I agree with the fact that it won't change its upward trend.
Good chart,, Well the dollar has tried to top several times but the euro has been so rubbish this year unless the FED turns ultra dovish dollar may end up ranging for a long period, and the ecb will likely go back to QE before the Fed does,, i guess gold will be going up with or without the dollar..
Bingo!!!  Something we can agree on.  Thanks for sharing and have a great holiday ahead.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.