It’s hard to say whether today’s strength in the Dollar will continue but, if this rally does finally falter, it will surely provide the fuel that will propel the precious metals higher. I’m betting on failure by SELLING Dollar/Yen above 114.25 while I continue to hold my LONG positions in both Gold and Silver. Confirmation of the end of the Dollar rally will come when the Dollar/Yen closes below the 113.00 level. At that point, I’d expect DEC GOLD to be testing resistance at that critical $500 level. I’ve noticed some traders and metals analysts have become somewhat less bullish on the metals and I find that surprising considering the fact that the metals have been able to continue their move higher in spite of the Dollar’s strength.
Dale F. Doelling
Chief Market Technician
Trends In Commodities
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