Market Overview Analysis by Sunshine Profits (Przemyslaw Radomski, CFA) covering: Gold Spot US Dollar, Silver Spot US Dollar, US Dollar Index Futures, Gold Futures. Read Sunshine Profits (Przemyslaw Radomski, CFA)'s latest article on Investing.com
, and many other theories… All or some of them might be true, but it absolutely doesn’t mean that they have to result in any specific market moves NOW or shortly.
And since there are plenty of theories to choose from, they take one or more, and they claim that the US Dollar Index isdecline because of those reasons, while in reality , they are expecting the US Dollar Index to move lower just because it’s been moving lower in the past.And you know what happens when the sentiment for a given market is extremely bad? It bottoms, and it bottoms precisely because the sentiment is extremely bad.
The US Dollar Index didn’t just move back below all previous important lows this week – it even rallied back above the rising support line based in the 2023 lows! For now, I’d like to point your attention to the fact that after dollar’s mid-2023 bottom, the decline in the precious metals sector took a specific form. Namely,The above long-term US Dollar Index chart shows what exactly happened recently. Thanks to this year’s decline, the US Dollar Index verified the breakout above the declining, medium-term support line based on the previous highs. And since this breakout was verified… Sky’s the limit for the U.S. currency.
When the precious metals market finally starts reacting to US Dollar Index’s strength – which is likely to happen soon – mining stocks are likely to continue to underperform – being the leaders in the move down – just like it happened many times before, for example in 2020 and 2008.
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