U.S. Dollar Ready For New Highs?

Independent Trader • Jul 8, 2019 at 11:00 PM EDT

When everyone is looking bearish and a market holds support and fails to breakdown look out for the upside.

When everyone is looking bearish and a market holds support and fails to breakdown look out for the upside. Almost everyone is bearish the U.S. dollar right now but it is actually set up for a Stage 2 continuation breakout. The dollar is still solidly in a Stage 2 uptrend and had a big reversal on higher volume recently when it approached the 30-week moving average.

How might a new breakout in the dollar impact gold you say? My guess is gold consolidates and struggles if the dollar moves higher this month. It will be important for gold to hold the gap up higher above $1350.

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