USD$ is set to rise. On Monday I said the opposite: Falling

3 gün önce

https://www.tradingview.com/x/gd09nDWq/

I stand corrected on what I published last Monday right before the Asia session, I think a rushed analysis and when you see what you want to see in a chart to support an idea, it can all go wrong. Or did the USD$ have such a bullish week to turn the charts around in such a short space of time.

I don't know but both the Daily and Weekly chart of the USDX have a very bullish W/Bottom. For those who don't know these patterns, they are basically a double/bottom or bottom1 & a bottom 2 and a W is formed as price is written up to a Neckline which is the yellow lines on the daily and weekly charts here.

I initially thought and stated that the USD$ may run up to 1.11 /1.12 and from a technical standpoint of these W/bottoms that is exactly where price may end up. But lots can happen in the meantime.

Briefly on Gold and Silver:
The Gold price has turned around bullishly after turning down in a Double/Top for many days. This turnaround also coincides with the bottom trend-line which is also the bottom line of a Triangle formation on the daily. Next trading day I would expect Gold to continue to climb for a couple of sessions before turning back down to the trend line and bottom of Daily-triangle which is all but complete and price would then either breakdown or breakout from triangle. I think that despite the USD$ continuing to climb, the Gold price will do the same thing and climb but probably won't go to an ATH just yet.

Silver has a bearish Head n Shoulders on the Daily. Price will retest the sell area next session on the daily which means the Silver price will get a false Long rally and selling will resume into the daily H n S pattern. The Silver price is right on the daily 200ema and back in January and February 2024 price got a little below the 200ema and then took off on a Long rally. Same thing expected, the HnS will play out and price will fall back a little more and then a buying spree and rally upwards will commence in Silver, possible just before the New Year.

3 gün önce

İşlem aktif

Recapping, Gold is finding support, in fact twice in recent days, price can expect a bullish turnaround following Double-top Selloff (see chart). More than likely a move upwards in price, some retrace to the bottom of triangle and then a breakout of triangle in only days to weeks ahead but a test of ATH by mid to late January & then an arrival at 3000 by mid 2025.

Silver has a bearish pattern on the Daily time frame, however it should be a short term move down next week, on the daily it is right on the 200ema and will dip under this 200ema as price did in January and February 2024 and price will then move up with Gold.

Disclaimer: My projections only. Many other scenarios how this could play out differently.

3 gün önce

Not

Trading Disclaimer: I currently hold NO positions in precious metals, so zero holdings in silver or gold but I anticipate buying soon.

dün

Not

See below in 10min chart of usdx just in the past 12 hours or so or commencing in the London session Monday how the dollar index was trying to break past this box I have marked.
The USDX has formed more Double bottoms this time on the lower timeframes. So I would expect this to give rise to the index to challenge price up inside the trendline box and possibly push higher past it soon.