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Metals And Miners Show Signs Of Topping

Metals and Miners showed signs of topping after Friday’s employment report. Weekly dollar prices spiked down to the 200-week MA and reversed. If the dollar finally bottomed, we should see a 4-8 week recovery. Metals and Miners should soften as the dollar bounces.

The dollar broke key technical support during the 7-Month decline. Consequently, a multi-year bear market has likely begun. After a brief recovery, the dollar should resume the downtrend.

Our forecast calls for a decline in Gold below $1,200 as the dollar recovers. Several cycles converge and support a low in September or early October. If fulfilled, Gold will produce a meaningful bottom and begin the second leg of a multi-year bull market advance.

US Dollar Weekly

The Dollar spiked down to touch the 200-week MA and bounced forming a bullish reversal candle. We should finally get a 4-8 week bounce.

US Dollar Daily

The daily chart formed a large bullish engulfing candle, covering multiple candles. An intermediate-term rally should break the downtrend line and perhaps test the 200-day MA.

Gold Weekly

Our forecast calls for a drop below $1,200 as the dollar completes an intermediate-term rally. Gold should remain above the December $1,124.30 low. We expect the correction to end in...