Buying Opportunity Brewing For Gold, Silver As U.S. Dollar Picks Up Steam
by Dr. Duru
The U.S. dollar confirmed yet again the importance of its 200-day moving average (DMA).
I updated my review of this case two weeks ago by demonstrating in detail how the dollar sustains moves both above and below its 200DMA. In this current move, the dollar stretched for three days above the 200DMA, fell back for three days, and then bounced away from the 200DMA on the way to 7-month highs.
This is a “good enough” test of the 200DMA as support and produces a foundation for an extended rally (click to enlarge images):
U.S. dollar rallies to fresh 7-month highs after a successful test of support at the 200DMA
The only currency that cannot be printed at will and without limit is gold (and silver).
Be careful out there!
Disclosure: I am long GLD, SLV, GG, PAAS. I am also net long the U.S. dollar and Swiss franc, and short the yen.
by Dr. Duru
http://seekingalpha.com/article/295705-buying-opportunity-brewing-for-gold-silver-as-u-s-dollar-picks-up-steam
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