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Is the US Dollar About to Make A PARABOLIC MOVE

Discussion in 'Gold Silver (All things Metal)' started by Scorpio, Jun 24, 2017.



  1. Scorpio

    Scorpio Скорпион Founding Member Board Elder Site Mgr Site Supporter ++

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    Is the US Dollar About to Make A PARABOLIC MOVE…to the Downside!
    Clive Maund

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    The U.S. dollar has held up better than expected, says technical analyst Clive Maund, as he discusses its downside potential.

    While the dollar has held up better than expected in the recent article "The Sun Rises on the Precious Metals Sector" in that it has not continued to drop, it hasn't risen much either, and what rise there has been has significantly unwound its earlier oversold condition, which, of course, has opened up downside potential again. We can see all this on the latest 8-month chart for the dollar index shown below. While the most optimistic interpretation of this chart is that it is forming an intermediate base here and that the still rising 200-day moving average some way above indicates room for a sizeable rally, the break below the red trendline a month ago is still viewed as a bearish development, especially as until now it has been forced lower at an accelerating pace by the parabolic downtrend shown, and we have seen a bearish moving average cross late last month. In any event, and regardless of whether it breaks higher or not, there is quite heavy resistance immediately above, at the parabolic trendline, then the red downtrend line almost at the same level, and above that towards the support level in the 98.5 area which having been breached a month ago is a source of resistance.

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    The following text written with respect to the 4-year dollar chart is taken from the report "The Sun Rises on the Precious Metals Sector" as it is unchanged. . .

    On the 4-year chart for the dollar, we can see how the it broke out above resistance to new highs on euphoria over Donald Trump's election victory, but it was subsequently unable to hold on to these gains, and has slumped back into the large trading range, a bearish development, particularly as the entire pattern from early 2015 now looks like a giant bearish Broadening Top. Having broken down back into the pattern and below its 200-day moving average, which is rolling over, it now looks like it will continue lower to the key support level at the bottom of the pattern, as a 1st stop, despite its already being significantly oversold. If it breaches this support there is some support lower down at the red trendline, which marks the lower boundary of the Broadening Top, but if it breaks below that things could quickly get a lot more serious.

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    Disclosure:

    1) Statements and opinions expressed are the opinions of Clive Maund and not of Streetwise Reports or its officers. Clive Maund is wholly responsible for the validity of the statements. Streetwise Reports was not involved in the content preparation. Clive Maund was not paid by Streetwise Reports LLC for this article. Streetwise Reports was not paid by the author to publish or syndicate this article.

    2) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.

    Charts courtesy of Clive Maund.





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    Clive Maund has been president of www.clivemaund.com, a successful resource sector website, since its inception in 2003. He has 30 years' experience in technical analysis and has worked for banks, commodity brokers and stockbrokers in the City of London. He holds a Diploma in Technical Analysis from the UK Society of Technical Analysts.

    Want to read more Gold Report articles like this? Sign up for our free e-newsletter, and you'll learn when new articles have been published. To see recent articles with industry analysts and commentators, visit our Streetwise Interviews page.







    www.streetwisereports.com

    http://www.silverbearcafe.com/private/06.17/downside.html
     
    917601, Goldhedge and Ebie like this.
  2. Usury

    Usury Gold Chaser Platinum Bling

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    I'm skeptical as long as they keep nudging up rates. However I don't think that can last long either.
     
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  3. southfork

    southfork Mother Lode Found Mother Lode

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    Cant afford the debt we have now, what will another few points in interest do?????????? Guess I better buy another mercury dime for the stash.
     
  4. Ragnarok

    Ragnarok I'd rather be Midas Member

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    A parabolic DROP is likely imho.

    R.
     
  5. southfork

    southfork Mother Lode Found Mother Lode

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    Now lets define parabolic in percentile points
     
  6. solarion

    solarion Gold Member Gold Chaser

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    I keep wondering how the heck the petro that backs the petro dollar can crash from the $15x.xx to the $4x.xx range while the crappy monopoly money emanating from the fed can maintain its place vs other crap central bankster currencies.

    Perhaps it cannot and that's why we see the fed trying without success to raise rates and the military industrial complex making war on anyone with brown skin and a towel on their head outside the US.

    ...except our beloved allies in Israel and Saudi of course...cuz they've been great friends to America. I hear.
     
  7. 917601

    917601 Mother Lode Found Mother Lode

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    image.jpeg ...Armstrong seems to think a rise is Still in order. His reasoning is simple, money fleeing the disintegrating EU, Saudi money flowing in, Islam disintegrating ( since Arab Spring) ...all I will say is he has been right on since the market hit 16,000,the 20,000 DOW confirmation with a possible high of 25-27,000 DOW before pull back and huge correction. Matters little to me, what I do watch is oil pricing. Silver has been somehow tied to a barrel of crude for decades.....that said, I have used his " chart" from way back as a guide, and have done very well investing in the market. November this year I re evaluate. I know many here distrust Armstrong, but he has made me a pile of FRN's the past 4-5 years....note the date 2011.....
     
    Last edited: Jun 24, 2017
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  8. louky

    louky Silver Member Silver Miner

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    Yes, bit lower first
     
  9. solarion

    solarion Gold Member Gold Chaser

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    Now below 96. The Index is down a whopping 5% just since early April...obviously that hasn't done crap for the metals...as usual, but time will tell if that can continue.
     
  10. 917601

    917601 Mother Lode Found Mother Lode

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    I remember from a ways back a millionaire dollar plus trader ( in equities, gold and silver) told me personally, " never, ever bet against the USD, you will lose just when you think you are winning"....he made a couple million in PM's then got out. He has since retired and got out of trading. I really wish he was still around to put some sense into what has been happening the last 4-5 years....I will not forget his advice.
     
  11. 917601

    917601 Mother Lode Found Mother Lode

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    ....forgot, DO NOT read Armstrong's chart in your own perception. It is not what most think. Confidence models are confidence in the economy as a whole. Think real hard where money goes when confidence is lost,....not necessarily PMs.....and most billion dollar fund managers do NOT buy Gold and silver.
     

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