These swift moves have helped push gold (NYSEARCA:GLD) to new highs.
But they have also brought this trio of currencies to a critical juncture, reflected in the charts above. The US Dollar (NYSEARCA:UUP) is testing trend support at (1) while the Euro (NYSEARCA:FXE) and Aussie Dollar are testing trend resistance at (2).
Currencies Face Big tests of Support and Resistance!
So will these short-term moves end here and allow the broader trend to continue?
Or will the US Dollar break down and Euro / Aussie Dollar breakout higher, causing major trend changes?
Metals want/need to see King Dollar break support and the Euro/Aussie dollar breakout? If these long-term trends do not change, odds are high metals are near a peak in prices.