USD May Be Topping
Chris Kimble | Nov 16, 2018 01:39PM ET
King dollar has spent the majority of the past 7 years inside of rising channel (1) as it created a series of higher lows and higher highs.
The 2018 rally has it kissing the underside of potential resistance this week at (2), where it could be creating a bearish reversal pattern. This one-week action has NOT changed the upward trend in USD.
If it breaks rising support at (3), the odds favor that some selling pressure will take place, which metals would love to see!
Below looks at the monthly patterns in gold and silver.
As King $ could be creating a topping pattern, gold and silver are both testing key support levels at (1) and (2).
Metals bulls would love to see King$ topping and gold and silver bottoming at the same time.
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