The dollar delivered a possible game-changing bearish surprise on Friday.
The dollar printed a new daily cycle high on Wednesday, day 20, locking in a right translated daily cycle formation. The dollar formed a swing high on Thursday. Then the dollar dropped on Friday, plunging for 1.65% This could be a game changer. The plunge caused the dollar to close below the lower daily cycle band which indicates that the dollar has begun its intermediate cycle decline. A failed daily cycle will confirm that the intermediate cycle is in decline. If, in fact, the dollar has begun its intermediate decline, that changes our expectation for precious metals.
The Miners reacted bullishly to the dollar’s plunge. They broke above the declining daily cycle trend line in a clear and convincing manner to confirm that Friday was day 6 of the new daily cycle.
In The Weekend Report I discuss what the dollar’s decline means in terms of the dollar’s weekly, yearly and 3 year cycle, and what that means for precious metals.
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