U.S. Dollar to See Further Weakness? Gold Bulls Hope so
DX
+0.21%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
After peaking in 2022, the US Dollar Index has spent nearly a year in decline.
But it may be set to fall even further. And any further weakness in King Dollar will be bullish for precious metals like gold and silver. Today’s chart looks at the US Dollar Index on a “weekly” basis to highlight the current pattern and potential downside.
DXY Weekly Chart
As you can see, DXY is attempting to break down through important price support.
Should the dollar close the week below this support, then a measured move would suggest a decline of at least another 5%.
If so, this would be great for precious metals and miners.
