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Currency Market: US Dollar Index Has Blown Through the 200-Day Moving Average Support

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The US dollar has accelerated lower and precious metals have been a clear beneficiary.

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Precious metals have been a clear beneficiary of the weak US dollar recently, and all these markets have accelerated higher after breaking 200-day moving average resistance. Of course, the recent Fed outlook has provided a nice bid as well. While most of the metals are too extended for fresh money near term, I think these will provide good buying opportunities if we see a sharp pullback. Time will tell if we see any weakness, but I think it is worth keeping these on your radar to buy if they really get hit hard. See the chart below of the SPDR Gold Trust ETF (GLD), and it certainly looks to me like $160 is support!


Click to enlarge

Positions in EUO.
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