Earlier this week I shared that the Dollar looked to have created a large flag/pennant pattern, with support giving way. (see post here). In that post I shared that the Dollar was due a small rally, which could test the new resistance lines. Below is short-term update on the Dollar.
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Dollar looks to have rallied enough to test two resistance lines, which may have held. If so, some downside momentum could pick up!
Game Plan….Continued Dollar weakness increases the odds that Silver/Gold/Miners and stocks will do well. Remain overweight owning these areas, with stops.
Bob..not sure any big headlines took place today, yet single day reversal patterns might now be in place!
With gold, silver and oil at important inflection points, the commodity complex is one headline away from scaring them higher or lower.