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Precious Metals Bulls Hoping King Dollar Topples Over Here!

Courtesy of Chris Kimble.

The Precious metals industry hasn’t had much to get excited about over the past 5 to 7 years. After peaking in 2011/2012, Gold and Silver prices fell sharply before trading sideways for several years.

So it’s been a traders market, with opportunities on both the long and short side. But Gold is charging higher again, fueled by talk of global trade wars, dovish monetary policy, and a potential topping pattern on the US Dollar.

The US Dollar Index is a good indicator to watch regarding U.S. Gold prices. When King Dollar is weak, it is a tailwind. And when King Dollar is strong, it is a headwind.

Over the past two weeks, the US Dollar has created bearish wicks on its weekly candles. This comes while it’s testing the 61.8 Fibonacci resistance level (1).

It’s also formed a bearish rising wedge pattern that would be confirmed by a move below support (2). Could a trading top on the US Dollar be the catalyst to spring Gold prices higher?

Metals bulls would love to see King Dollar top at (1) and a break of support at (2). Stay tuned!

This article was first written for See It Markets.com. To see original post CLICK HERE

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