Thursday 20 September 2012

Has dollar bottomed?

Just a short update today. It seems to me like the dollar bottom is near which should put a temporary cap on the rise of GLD and SLV too.

UUP - dollar long
The dollar chart collapsed into the 92-96 sell and then even further to 218-222 sell. The 218-222 bought back the next day and I think this should be the bottom  for a few weeks. It is more probable to first touch the 16-20 echo than to exceed this low on the closing bases. If I am right this should limit the gold rise too and consequently the gold stocks.

UDN - dollar short
Sometimes it is easier to get perspective from the opposite view.


GLD

HUI

Aussie golds
So much potential. 



I am 25% long and waiting for a correction.

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