The DX price is right in a resistance zone as noted with the rectangle and also with the two price tops circled in black. We also have a spiking weekly candle.
To increase the odds, it would be good for DX to close down below 103.80 tomorrow, Friday, February 9, 2024. The current price is 104.01.
Another confirmation of lower DX prices would be a close below the...
I circled where the weekly candle is breaking lower below the trend line. If the week closes with that trend line breached it could mean DX will continue lower. A weaker dollar is good for gold, silver, other commodities and stocks too; for their prices to go up.
Last week's candle was also a shooting star which puts more odds in the favor of a lower dollar index.
Silver has sold off aggressively the last few days. You can see that the price is now right near an ascending trend line. If this trend line holds, then we can expect a bouce upward soon.
The trend line is not quite touched. Maybe price will drop a further 50 cents or dollar to touch it?
August's silver monthly candle completed as a pinbar. This "hammer" gets triggered as a buy signal only if the price moves ABOVE the top of the pinbar by a few cents, or around 25.50 for the December contract. Some traders may buy early by going to the lower time frames of daily or 4 hours and looking for a buy entry midpoint between the close and the bottom which...
As you can see, gold in severly oversold. It has an very low RSI turning up, and finally a green candle forming after many red downward candles. Looks likely it will bottom around this area and probably head back up to the previous support level which is around 1913.
Of course, it could go up only a little and make another lower dip, but I doubt it.
Silver seems to be bottoming on daily chart. You have a pinbar candle, a way oversold RSI. A reasonable up day/green candle close should be a buy signal in my book.
Here the nasdaq monthly chart shows what could be considered a hanging man candlestick pattern. These patterns often indicate a topping area.
If you pull up the same monthly chart for the S&P 500 you will see a similar pattern.
Weekly PL futures chart shows multiple support touches and also the RSI is quite oversold. Add to this a small green candle after many down weeks.
I like to bottom fish. Getting in this early is a gamble. If nothing else, it is a good time to look for further confirmation that the trend is turning up.
This is my first idea post. I would've wanted it in the futures...
See the three touches on the upper trend line. If this line holds, the DX price could move down to the 98 area. Also the RSI (10) is overbought.
Such a chart could be used to short the DX, or to go long the EUR/USD and the precious metals such as gold, silver, platinum.
If I were to trade the DX short, I would place an extra big stop loss, maybe at 103.90 or at...
The CPI numbers come out tomorrow. That could be the impetus for gold to run in to new highs in the coming weeks. What is needed is a strong close above the 50 ema as shown in the red circle to the left. Getting into this trade to go long before such a confirmation would be a mistake, IMO.
We can also see that near the circle on the left the price touched the 200...
The red outlines the inverse head and shoulders in the silver futures weekly chart. The dotted line is the neckline. The oval represents where, if silver can CLOSE a weekly candle above the area near $26, the pattern will be triggered. With perhaps a 70% or higher success rate, the probability would be that silver would run up to a measured move from the inverse...
