Commodities Analysis by Sunshine Profits (Przemyslaw Radomski, CFA) covering: EUR/USD, USD/JPY, XAU/USD, XAG/USD. Read Sunshine Profits (Przemyslaw Radomski, CFA)'s latest article on Investing.com
The above is probably something that you might be thinking. While I can’t tell with certainty , there are a few signs suggesting that the top is in or at hand, depending on what part of the precious metals sector one focuses on.
Well, that’s normal – that was also the case after the 2021 top – it takes some time and even lower prices for most to realize what’s going on. Since the GDXJ turned south at the reversal, the odds are that this was indeed the top or an early part thereof. Those of you who have been shorting GDXJ and FCX in the recent weeks are likely happy with their performance despite the most recent run-up.
Second, the USD Index is after a breakout above the declining, medium-term resistance line. The recent move lower made the USD Index move back to this line, but not below it. This way, the breakout is likely to be verified. Is this time any different, or is the history about to rhyme? The latter tends to happen much more frequently in the markets. Consequently, the odds are that the euro will decline and the USD Index will rally.
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