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Chart 1: US$ Index Daily Candles
Here is a daily candle chart of the US$ index.
The dollar has upside targets of 98 and 101 based on the breakout above 95. However, that breakout is at risk of failing.
The US$ index closed at 95.00. It has support at 93.75 as well as 93.00. The 200-dma is at 92.34 and slowly rising. Thus, there is a potential downside target of 93.00 or slightly lower at the 200-dma. A move down would obviously coincide with the rally in precious metals.
TheDailyGold Premium #584
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The 22-page update was published and emailed to subscribers Saturday afternoon.
Last week was another huge one for us as one of our positions exploded higher. This junior could be on the cusp of a big discovery. They will report quite a few more drill results over the weeks ahead.
With the US$ index threatening a move back below 95 and Friday's surge higher, the relief rally in precious metals should continue. In the update we mentioned upside targets for Gold & Silver. We've already covered potential targets for GDX and GDXJ.
I think the bigger upside will be playing the next move lower rather than playing this rally. Who knows if that next trade is a few weeks or a few months away. It remains to be seen and we won't act until the setup is there, like it was in July and early August. For now, the path of least resistance is higher.
The good news is money is flowing into discoveries and the 5 companies we own are being driven far more by their own exploration than metals prices. Two of them can be bought on weakness as we think they have a good chance of moving higher.
You are the man. Every time I hope you are wrong, you are for the most part right.
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Consider a subscription as we can help you navigate what lies ahead for the sector. After all, we just did so for subscribers with a massive profit in JDST and DUST. And we can help you get positioned in the juniors that have a chance to make big gains when the Federal Reserve is done hiking rates. Subscribe and give us your list of stocks and we will give our opinion, buy, sell or hold.
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My 6 month renewal is due once again. Your work continues to be outstanding and I want to make sure there are no disruptions in the service.
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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-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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