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U.S. dollar strengthening
The U.S. dollar index has risen by more than a point from last Friday's low of 74.48, closing on Thursday at 75.63. RSI has crossed convincingly above 30, and MACD has also made a bullish crossover. Both indicators are showing positive divergence to the price, so the dollar could continue to rise.
Conversely, $GOLD (Stockcharts switched to the February 2008 contract this week) is showing weakness and has broken down again from its channel, closing on Thursday just above the Fibonacci 23.6% retracement level. RSI is falling toward 50, and MACD has turned back down.
Silver, too, is weak and below its broken trendline. RSI is breaking below 50, and MACD is falling.
GDX, though, appears to be trying to resist gravity. It closed near its 50-day MA and has traded in a range between about $46 and $49 for 13 sessions so far. RSI has been hovering around 50, and the MACD histogram is gradually rising.
The U.S. dollar index has risen by more than a point from last Friday's low of 74.48, closing on Thursday at 75.63. RSI has crossed convincingly above 30, and MACD has also made a bullish crossover. Both indicators are showing positive divergence to the price, so the dollar could continue to rise.
Conversely, $GOLD (Stockcharts switched to the February 2008 contract this week) is showing weakness and has broken down again from its channel, closing on Thursday just above the Fibonacci 23.6% retracement level. RSI is falling toward 50, and MACD has turned back down.
Silver, too, is weak and below its broken trendline. RSI is breaking below 50, and MACD is falling.
GDX, though, appears to be trying to resist gravity. It closed near its 50-day MA and has traded in a range between about $46 and $49 for 13 sessions so far. RSI has been hovering around 50, and the MACD histogram is gradually rising.
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