The above serves as a perfect confirmation of USD Index’s bullish combination of signals. We saw a major reversal after a major rally, while the RSI was overbought. The Euro Index rallied above it, but it didn’t manage to hold the gains and declined before the end of the session, closing it a little below previous day’s closing price. We also noted the RSI indicator above the 70 level as the proximity of this level triggered bearish reversals several times in the past.īased on yesterday’s session, the above-mentioned resistance line confirmed its usefulness once again. It had stopped it for just a while, but still, it had showed that this line is indeed important. It seems important, because its proximity stopped the decline in late 2014. This one is created based on the 20 bottoms.
In our yesterday’s alert we noted that the Euro Index had broken above the 38.2% Fibonacci retracement level and that it had reached another resistance level. Europe and Japan and Their Golden Signals The situation in the precious metals market seems even more critical, but before moving to it, let’s stay with the currencies for a while. In other words, the USD Index has an incredibly bullish set-up that’s strengthened by yet another important bullish factor. The 61.8% Fibonacci retracement level is at about 88.40. Consequently, retracements based on it are important as well. It’s definitely important as that’s when the biggest rally of the past two decades started. There is also another useful way to create the retracement and that is by basing it on the 2014 bottom. The 50% Fibonacci retracement level based on the 2011 – 2017 rally was not the only one that was reached. The strength of the bullish factors and the amount of them is almost breathtaking.Īnd there’s also one more. The only thing that could make it more bullish is if the USD reversed under oversold conditions and close to the cyclical turning point.īased on the daily RSI indicator, the USD Index was most oversold in more than a year and it reversed exactly at the turning point. That’s right – the USD Index broke below the key support levels on an intraday basis and immediately invalidated the breakdown, closing the session higher and above all of them. Now, please go through the previous paragraph again. While the former need to be confirmed / verified to be important, an invalidation is an immediate and strong signal. Please recall what we wrote about breakdowns/breakouts and their invalidations.
Mutiny metals full#
The USD Index opened yesterday’s session at 89.10, moved almost a full index point lower (Stockcharts shows 88.25 as the intraday low, while Bloomberg points to 88.438 as the low) and then rallied back up, closing the session at 89.23 (Stockcharts) / 89.391 (Bloomberg). We previously wrote about 3 very strong support levels based on the previous highs (20) and the 50% Fibonacci retracement level based on the 2011 – 2017 rally. This time we’ll start with the short-term USD Index chart (charts courtesy of ) as we want to show you the action of yesterday’s session. We know an extremely bearish signal when we see one and that was definitely the most bearish development for the PMs that we’ve seen this year. The USD Index took a deep dive and metals were not even close to reacting in a normal way.
Six minutes after yesterday’s opening bell, we already posted the second alert. No Affiliate links unless pre-approved by mod.In yesterday’s alert, we wrote that the situation could change quickly and that in such a case, we would send another alert. No auction style listings, no vague requests for a top bidder, etc. With that in mind, posts of you selling your silver are allowed, as are cross posts of the same from /r/Pmsforsale as long as a price, preferred method of payment, and shipping details are included in the post.
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