U.S. Dollar Breakout or Breakdown? Gold Bulls Want to Know!

us dollar currency analysis important indicator gold bulls precious metals forecast_april 23

US Dollar “Monthly” Currency Chart

The US Dollar is always on Gold bulls minds. A weak dollar tends to be a tailwind for Gold prices while a strong dollar tends to be a headwind.

Well, the US Dollar Index is nearing an important juncture and Gold bulls should be watching here.

As you can see in today’s chart, King Dollar has been inside a rising channel for 10 years. The Dollar peaked in early 2017 offering Gold bulls some breathing room as it pulled back.

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Recently, the US Dollar and Gold have been rising together.

The US Dollar is testing its 2017 highs this month at (2)… Something’s gotta give! A breakout to new highs for the US Dollar would be bearish for Gold bulls, while a breakdown here would be bullish. Stay tuned!

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