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Chart 1: US$ Weekly Bar Chart
Here is the weekly bar chart going back 10 years.
The US$ spent a few months basing at strong support before gaining upside traction this week. The buck closed at 91.34 after peaking at 91.79. There is resistance at 93 and 94 but notice the major long-term moving averages are nearly stuck together in the mid 95s. The US$ could rally to 95 but remain in a bear market.
TheDailyGold Premium #567
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Late Saturday evening we published TDG #567, a 25-page update which covers our latest thoughts on the sector, including buy targets for our favorite stocks and two scenarios for how Gold could perform over the next 6-8 weeks.
Last week we said the path of least resistance was lower and that our favorite stocks could correct. I continue to hold that view but think we could see some strength this coming week before greater risk of increased selling. In any case, $1310 on a weekly closing basis will be key for Gold.
The update included updated commentary on a company we introduced in TDG #562. The company currently has an enterprise value of less than $30M but three projects with near-term production potential. The CEO is a mine-builder and the company has the backing of a significant company. There are some risks so its likely to be a 3% position for me but if Gold breaks to the upside and they execute, this could be a 10-bagger in 3 years.
Gold looks to be less of a threat to breakout right now and if it corrects then you could buy some of these things cheaper. But you have to subscribe to get the names of the companies you should start following.
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You nearly always read the trends and support and resistance extremely well. Please keep us posted if or when the outlook seems to change. which you always do of course. TDG is the most valuable resource for understanding what is possible to understand about the PMs.
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Thanks for reading. I wish you all great health and prosperity in 2018!
-Jordan
Disclaimer: This newsletter is intended for informational and educational purposes only and should not be considered personalized and individualized investment advice. Investment in the precious metals sector contains significant risks. You should consult with an investment advisor and do your own due diligence before making any investment decisions. This email may contain certain forward looking statements which are subject to risks, uncertainties and a multitude of factors that
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