Gold Bulls Hoping For Trend Change In USD As It Tests Support

 | Jul 30, 2020 09:52AM ET

The past several weeks have seen the US dollar decline sharply and the euro and Aussie dollar rally. These swift moves have helped push gold to new highs.

But they have also brought this trio of currencies to a critical juncture, reflected in the charts above. The US dollar is testing trend support at (1) while the euro and Aussie dollar are testing trend resistance at (2).

Currencies face big tests of Support and Resistance.

So will these short-term moves end here and allow the broader trend to continue?

Or will the US dollar break down and euro and Aussie dollar breakout higher, causing major trend changes?

Metals want/need to see King dollar break support and the euro and Aussie dollar breakout? If these long-term trends do not change, odds are high metals are near a peak in prices.

Original Post

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Written By: Chris Kimble

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