Looking at the US DOLLAR chart, I could see it returning at least to its old DOWNSIDE OBJECTIVE of 76 without too much resistance. Of course after that COULD be the OLD BOTTOM of 81 in 2005, as the next resistance, after which you can look and see the most recent bottom it dropped out of, which I think is about 84 or 85 [ double bottom ]. Of course any move up the scale will likely set up the beginning of some sort of triangle, which, IMO, will resolve to the downside, but after many GOLD and SILVER bulls are seriously wounded. More "Fog of War", from the same people who brought out this tremendous blinding cloud of volatility ! ! !
Will it happen today. NO, probably not. We might be at a very tempting and very short term bottom in the Precious Metals TODAY at the 850 level, but I am wary. I wont share my downside targets, although these charts do illustrate them well, but my guess is it will work out over the MONTHS before the USA PRESIDENTIAL Election.
If you'd rather cuddle a Plague infested skunk, than hold US Common stocks [ Industrial variety ], it might be time to do the Rothchild Tango, 'buy when there is blood running in the streets', and 'sell when everyone is deliriously happy, dancing in the streets'. Its something that is on my mind.
Sadly I find too many agenda's out there !! That is why I stopped reading most text articles. Competing ideas are the lifeblood of a free market, but often too much of a good thing.
FIRST / we know that fiat money is a charade !
SECOND / we know that the CIRCUS-MASTERS can make things jump about when they want.
THIRD / we know they can obscure things with their paid shills and pickpockets, the hedgefunds and others thru volatility.
FOURTH and LAST / We can see every damn thing they do almost instantly, graphically because the computers we are using EACH have more than the total computing power in the world before 1963, on our desks !!!
These are my observations after 40 years. No need to push a point. I CHANGE my views as the market changes them. Much like the gofer in so many organized crime movies, when I need an opinion, the market tells me what my opinion is.........
For that reason, I can be bullish this week and bearish next.... no agenda, just trying to profit......OBJECTIVITY....my goal. We all have the same end, I just dont have the time to read everyone anymore, so I trust the markets data, not just one market and not just one kind of data.