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The USD is About to Bottom - And You Know What That Means for Gold

September 20, 2019, 7:14 AM Przemysław Radomski , CFA

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Yesterday's and today's pre-market price action in the precious metals sector has confirmed what we wrote in yesterday's Gold & Silver Trading Alert. The proximity of the triangle vertex reversal in the USD Index seems to be playing the key part in it. To say that the USD Index remains in an uptrend is like saying that Trump does not express love to Powell. It's true, but it doesn't convey the entire picture either. There are massive forces behind the USD's upswing and it's likely to continue for many months. But, on a short-term basis, the USD Index might fall simply because it's likely to form a bottom in the following days. And price has to decline for the bottom to form. In yesterday's Alert, we explained that there might be a very short-term upswing in gold and silver (and we took advantage of it in yesterday's Day Trading Signal), but that it's not likely to be particularly significant and that it's unlikely to last long. This remains 100% up to date also today.

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