Will Brexit Vote Push US Dollar One Way Or The Other?
share
share
share
share
share
With both gold and silver ETFs trading in heavy volumes last week, it suggests liquidation is occurring, and the upcoming Brexit vote could impact the US dollar.
The gold ETF produced an outside reversal this week on very heavy volume, suggesting liquidation.
The silver ETF also furnished an outside reversal on very heavy volume.
USD is bound by support and resistance and is destined to break one way or the other soon.
Summary
Much will depend on the dollar, as the Fed's announcement last week did not cause a break one way or the other. Perhaps Brexit will this week. The outside reversals on GLD and SLV were on very heavy volume, and that suggests liquidation. Caution is advised.
Courtesy of www.simplyprofits.org
share
share
share
share
share
Jack Chan is the editor of Simply Profits, established in 2006. Chan bought his first mining stock, Hoko Exploration, in 1979, and has been active in the markets for the past 37 years. Technical analysis has helped him filter out the noise and focus on the when, and leave the why to the fundamental analysts. His proprietary trading models have enabled him to identify the NASDAQ top in 2000, the new gold bull market in 2001, the stock market top in 2007, and the US dollar bottom in 2011.
