Gold Market Wire
News, analysis and commentary for gold traders and investors
US Dollar Rips Through Resistance
February 4, 2020 - (Gold Market Wire) - The US Dollar "bellwether" - aka the EUR/USD, has moved through the next level of resistance and is going on a tear. The chart lays out the carnage and should cause all potential metals buyers to hold fire.
We are now through 1.20. As one of the only US Dollar bulls out there, we wonder where all fx-cross traders are going to throw in the towel. As they start to unload the position (and it seems they are starting to) the US Dollar may just accelerate away. The 100-day moving average is coming into view (blue line) and horizontal support comes in at 1.1960, (which is almost the same as the 100-day m.a.).
The Dollar bears have it wrong, and they won't be able to hold on forever. The US Dollar is going from strength to strength, and it doesn't matter how much money anybody prints at the Fed. The MMT administration is in high gear and the Dollar is rising, because all the other world's central banks are doing exactly the same - printing. Velocity of money is zero - and so it matters not what is printed.
Get ready for more US Dollar upside - it is coming.