A couple weeks ago, we highlighted the U.S. Dollar as an asset that was ready for a big move.
King Dollar was trading sideways and at important price resistance, so something had to give.
Today, we revisit that “weekly” chart and provide an update on where the buck stands.
As you can see, the U.S. Dollar has lost its mojo and appears to be breaking lower at (1) after forming a double top at its 50% Fibonacci level. This top formed after several weeks of trading sideways.
If the Dollar continues to weaken, it would be good news for precious metals. Stay tuned!
U.S. Dollar Index “weekly” Chart
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