U.S. Dollar Testing Important Support; Gold Bulls Watching, Says Joe Friday!
2023.08.14 15:27
The has been in a choppy rising trend higher since bottoming in 2007/2008.
You can see that rising channel in today’s long-term chart (above).
But king Dollar has been under pressure in recent months. So if the U.S. Dollar wants to keep climbing into year-end, it will likely need a jump-start soon! If not, it may continue to weaken and provide a tailwind to precious metals like and .
“The facts, Ma’am. Just the facts.” – Joe Friday
As you can see, the U.S. Dollar Index has been rejected by its overhead rising trend line a few times. The latest rejection has sent the Dollar back to an important 61.8% Fibonacci level at (1). This level acted as resistance twice but is now acting as support.
This is a huge spot for King Dollar. A bounce higher would keep the currency in the upper half of the rising channel, while a break lower would open the door for further downside while providing a tailwind for gold, silver, and the miners. Stay tuned!
