A pause in selling as the USD exhales?
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
No material change in price action has occurred overnight as the USD consolidates at the long-term resistance level shown yesterday.
There is a bounce occurring in major US indices this morning; still no capitulation despite extreme anxiety in terms of sentiment.
Should USD strength persist over the medium term however:
Should the dollar form a false break out, or waiver at its current long term resistance level, silver will likely hold support in the $21.50 area again. Gold continues to hold $1850, and could be the "canary in the coal mine" signaling that a top in relative USD strength is near.
Thanks and have a great day,