The Market Perspective: Dollar Topping, Metals Bottoming

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« First Indication of Bottoming Action in Gold Shares | Main | The Gold Bear is Done »

August 26, 2018

Dollar Topping, Metals Bottoming

Weekend August 26, 2018

Gold

UUP is the Dollar ETF in green. The red black bars are the price of gold. I have been looking for a bottom in gold and the entire metals complex, iron, etc. I suspect that occurred this past week. Friday was an outside reversal day for gold, up $19.30. No doubt that was a buy back of those short gold.

Silver and the Dollar

In similar fashion, silver also had an outside reversal day.

cliff Natural Resources CLF

CLF has been in an uptrend from a very over sold condition. Note MACD making a bottom in the lower panel.

Look at this next long term chart of get an idea of the potential in this trade.

CLF was trading at $90 in 2011. We have no way of knowing if that is a possibility but this looks like a lot more potential than the stock market near 26,000.

Commodity Research Bureau Index

The ribbon of moving averages is converging for the CRB.That has to take place before a change in trend. This looks like a great set up for a low risk entry betting on some inflation. Note the lead article in the WSJ is the new FED chair, Jerome, predicting higher rates.

XLE Energy ETF

XLE is finishing its correction for the May high. Gold at bottom Dollar at top.

Posted at 02:59 AM in Commodities | Permalink

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