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U.S. Dollar is breaking down from bearish it’s pattern – Helping push precious metals prices higher!
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Three weeks ago the chart below reflected a rising wedge was forming in the Dollar, with Dollar bullish sentiment standing at 81%, reflecting two reasons the Dollar should fall in value! (see post here)
The chart above reflects that the rising wedge and excess bullish sentiment is working against traders that are long the U.S. Dollar.
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Odds are fairly high that the decline out of the bearish falling wedge by the U.S Dollar is a key reason that Silver is breaking from its flag/pennant pattern.
It was this combo, Dollar rising wedge and flag pennant in Silver, that the Power of the Pattern suggested that Silver could make as much as the S&P 500 has all year, in a short period of time! (see post here)
2012-08-21 08:07:03
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