The US Dollar's Impact on Gold and Silver
Commodities / Gold and Silver 2016 Jul 26, 2016 - 07:25 AM GMTBy: The_Gold_Report
Technical analyst Jack Chan charts a breakout of the U.S. dollar and comments on its implications for gold and silver.
Our proprietary cycle indicator reached 100% and turned down last week.
USD broke out as anticipated in last week's update.
Gold stocks as represented by $HUI have not had a consolidation this year; consolidation is long overdue.
Summary
A bull market in gold and silver is now confirmed, but the cycle has turned down, suggesting that a long overdue correction may have started. USD broke out and up as expected, which is not friendly to the metals.
Caution is advised.
Jack Chan is the editor of simply profits at www.simplyprofits.org, established in 2006. Chan bought his first mining stock, Hoko Exploration, in 1979, and has been active in the markets for the past 37 years. Technical analysis has helped him filter out the noise and focus on the when, and leave the why to the fundamental analysts. His proprietary trading models have enabled him to identify the NASDAQ top in 2000, the new gold bull market in 2001, the stock market top in 2007, and the U.S. dollar bottom in 2011.
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Charts courtesy of Jack Chan
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