DXY just ended its bear cycle taking the shape of a running flat pattern.
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Gold has found support on the daily 21 EMA. This combined with bullish medium and long term momentum and the ADX indicating a weakening bear trend leads to a bullish overall outlook.
The DXY is setting up for a third consecutive denial at the 21 day EMA. With medium term (blue-purple) and long term (red-orange) momentum remaining bullish. Will be looking to long XAUUSD and XAGUSD if price breaks 94.000.
a short break, but Gold/Silver ratio is still at the high level. Nonferrous metals will probably be the key from now on?
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The big direction of this ratio is obviously down, and there are only three ways this ratio can go down: 1. Silver going up and Gold going down; 2. Silver going up more than Gold going up; 3. Gold going down more than Silver going down. #3 is very unlikely and #2 is most likely. Personally, I'm long both metals.
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Watch the lines. This chart tells us when to switch from bubble assets to contrarian assets.
Watch the lines. This chart tells us when to switch from bubble assets to contrarian assets.
There is giant rising wedge forming. This ratio seems to indicate the aggregate perception of the US economy - the higher the better. As you can see in August 2015, there was a huge leg down which was unprecedented in this chart.
Watch the lines for a place to jump in.
Watch the lines for a place to jump in.
Silver closed above the falling wedge it has been in for a few years, following gold's move a month earlier. With the gold/silver ratio this high and keeping in mind current economic data, it is definitely worth keeping an eye on over the next weeks/months.