Post by
apapas1973 on Dec 28, 2022 9:10pm
A longer term view. (No eye rolling please)
We've been steadily holding above the 10 week for the US dollar since about June/21. A slight breach a few times but generally riding it up the entire time. Since early November of THIS YEAR, we've had a DECISIVE break of that line. Currently holding at the 50 week. We are getting some very early signs we might get a bounce up. Starting to see the same positive divergence that we saw in CNC. Remember, though divergences can go on for months. Like CNC did. HOWEVER, I think this bounce up will be temporary possibly up to the 107 ish area only to turn back down and break hard, down to the 97-98 area which sits about the 200 week and another trend line. If the dollar can't recover here, then we may capitulate down to that support area I wrote about. Either way I hope they break the back of the dollar and break it hard.
There are many that are probably rolling their eyes whenever I talk about the US dollar. They may feel why bother, what's the point. It actually plays A very important role in everything. As discussed before, depending on where we are in this dollar cycle, it will have consequences on everything. Mostly commodities. And of course our good friend Mr. Nickel. If we can confirm the dollar is in a multi year down trend, then it's game on next year for nickel. If the dollar appreciates here, gold/metals may take a dip but remember one thing. There are times gold will ignore the dollar and continue up no matter what the dollar does. It doesn't always run inversely... Times are changing and people will be in for shocker next year, both with commodities and CNC. GLTA
Comment by
apapas1973 on Dec 28, 2022 10:45pm
Hopefully it does Endzone. It'll good for everything.