Kitco News' contributed commentary features articles and opinions from some of the top experts in the gold industry.
In mid-August, I wrote a piece that I took some heat for; in it, I suggested the DXY was showing strength following a false breakdown and reversal, and the next probable target for the index was approx. 105.5
Below is the daily DXY chart with the yellow rectangle at the 105 area. Note the successful retest following the upside breakout, too. It seems to me that until DXY strength begins to wane again in this timeframe, metals will have a hard time engaging a sustainable upward move. That doesn’t mean the metals are going straight down. As I clearly showed over the last few pieces I’ve written, there are long side trade opportunities to be seized.
In no surprise to regular readers, as with gold, I am also a long-term Bitcoin bull. However, for the immediate future, BTC looks bearish to me for a ride down toward the 22k level following the big rejection at the 200-day MA. That said, I would not be short unless extremely vigilant and nimble; crypto participants know the volatility in BTC makes silver look like child’s play.Follow J_GidaroDasilva [email protected] www.kitco.
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