It almost seems as though it is now or never for the Dollar. The greenback is soft today on the back of poor economic data. But longer-term it has the makings of an explosive breakout after being presumed dead or drying for many years.
Looking at the UUP ETF monthly chart, below, another move up through $23 opens the door to an explosive narrowing channel breakout dating back several years. It would also likely continue to pressure commodities, although as we know obvious correlations have a way of detaching at critical junctures.
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God have mercy on me for saying this BUT there are bullish divergences on daily RSI for SLV, GDX, etc.
Always interested in this sector. Glad you post on it so consistently.
thank you
Hey Chess, what do you think vs gold ? Is gold becoming oversold? You re always interesting to read… Cheers from Qc…
I’ve been short gold and taking profits into this decline. Still in a clear downtrend in terms of weeks, months, quarters. Thank you for reading.
deflation in the works?
could be
interesting comment about correlations detaching at critical junctures…I smell dollar and crude both finding higher prices soon
What say you on this Chess?
I’ve definitely considered that. Would probably frustrate a great many which means it is a viable scenario for sure.