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DXY poked above the range today, only because what, Europe is going to fail? If I see Grease in flames, without seeing a march on DC, then I will move to the other side. However, it appears Europe's complacency rivals only America's. I expect the dollar to fall through the top of its recent range (80.5 to 82.5) and test the low next week; M2 is back up, BS has his back against the wall, and just like Katla hurt Europe's investments, the GOM will destroy the US'. I am looking at a large break to the downside on the DXY very soon, but maybe it stays in its recent range for another week....maybe.
Either way it goes, for gold, the sky is the limit. Now, and for months, when the Doelarr strengthens, gold moves with it. Since last year, and still, doelarr weakness sends gold higher. The only thing keeping it low in NOMINAL terms is by creating panic in the markets, and maintaining the paradigm of "Keynsian" economics in place. Vs. the indices and bonds gold is churning butter. The thought paradigm is on the verge of collapse, as everyone and their brother are more than unemployed but almost homeless. This is the Tipping Point, how much longer can it last?
Waiting for the right moment, but I'll be piling on the put side soon enough. Think we have one more 'psyche-out' move before then.
It's a relatively slow eco news week next week. They could try to pump it a bit, but I'm not so sure. I think - in my reverse psychology sort of way - that the PTB want a mild Republican victory this Fall as it will distract the masses from the economic deterioration and give the impression that there is a "choice" for the elections and that the masses are "taking their country back". I target Dow 9000 for the low in the next 6-7 weeks. Of course, I think that level is still over-valued...
Gartley (Bear) Pattern and a downward channel: looks bearish, folks.
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