Precious Metals Bulls Hope US Dollar Breaks Key Trend Support!

us dollar index weakness testing trend line implications commodities precious metals_march year 2020

US Dollar Index versus Euro Currency Performance Chart

The forex market is the largest in the world. So it goes without saying that what happens in the currency market has a big effect on asset prices.

One asset class that plays off the currency market is commodities. And in regard to today’s chart, precious metals.

Big Currency Test In Play For Metals Bulls!

The last time we did this chart, the US Dollar was testing price resistance and the Euro was testing price support… now we have the opposite occurring within the same channels!

The US Dollar has reversed lower and is testing its rising channel support. Gold and silver bulls love a weak dollar, so they have their fingers crossed that King Dollar breaks down and heads lower. Stay tuned!

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Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

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