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Last week, the USD Index stole the spotlight. It truly soared. But… Very few people are actually long.Yup. Even though the USDX moved high so profoundly, it wasn’t fresh buying that pushed the price higher. It was a short covering, and it has major implications going forward.
I marked all of them with vertical lines. I marked 8 of those 10 with green, as that’s when these moments were good buying opportunities. There was one with bearish implications , and one with bullish implications for the short term and bearish for the medium term. In the previous cases the jump in volume wasn’t as notable. This most likely means that the short covering mechanism wasn’t as profound as it’s been recently.Because that’s how the biggest rallies tend to start – with short squeezes. The parties that were suppressing the price exit it, thus allowing it to move higher, but so far, the regular buyers – those who would simply go long – are not yet entering the market. It’s later when those investors enter, thus fueling and extending the rally.
The implications for gold, silver, and mining stocks are obvious – they are bearish, as the prices of precious metals won’t rally while the currency that they are priced in is soaring. Sure, it might be happening from time to time, but… Gold already reached its upside target based on the Fibonacci extension technique, and silver already invalidated its move to new highs . Don’t get me wrong, there are The soaring USD Index might also be the thing that triggers a sell-off on the stock market.
Sure, it’s HSE and not S&P 500, but since all markets are connected in one way or another, this doesn’t bode well for other stocks.Gold futures are moving lower today, but not – yet – significantly so. Please note that copper’s reaction to USD Index’s strength was delayed – the same is likely the case with the precious metals sector.is a precious metals investor and analyst who takes advantage of the emotionality on the markets, and invites you to do the same.
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