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Dark Clouds Have Formed on the Dollar's Horizon

 Review and Outlook for Silver, Gold and the U.S. Dollar



Originally Posted on 12/25/2017 @ 11:44 am

by Steven Warrenfeltz



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Hello,

Thank you for visiting the Free-Bullion-Investment-Guide's latest blog post, before we get to the precious metals review and outlook, below are some of last week's Best Bullion Market-Related News articles that were taken from this guide's home page.


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Leaders in Beijing learn to stop worrying and love the debt - Asia Times


2017: The Dollar Fell, Gold Rose and My Friend Won a Bet - TownHall


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Dark Clouds Have Formed on the Dollar's Horizon

Photo above provided courtesy of pixabay.com





Before I start this week's post, I wanted to wish you and your family a very Merry Christmas and because I don't know yet if I'll be posting again before the new year, I hope you and your family also have a Safe & Happy New Year.

As stated in the title some negative patterns (dark clouds) have formed in the U.S. Dollar charts and its future isn't looking bright.

Please continue to scroll down to see the charts below and find out what was found in dollar's charts for this statement to be made.







Review & Outlook
Commentary Layout

Each asset below has three sections.

1)  In the 'review' section, a copy of the previous outlook for that asset is posted.

2) Next, you'll find a 'review - continued' section where there is a brief review of how accurate the previous outlook was.

3) Finally, you will find an 'outlook for the week ahead' for each of the assets below.





All the charts on this blog are Daily Charts unless noted otherwise.






US DOLLAR

In Review

Two weeks ago, I wrote the following about the U.S. Dollar and posted the chart below.

For the week ahead, the U.S. Dollar has formed a negative price pattern known as the 'Rising Wedge.'

In the chart below you can see that the 'rising wedge' is very narrow and although the MACD and RSI are indicating that it may continue to move up it in the beginning of the week a reverse in the U.S. Dollar's price isn't too far away in the future either.

So for the week to come, we may see the price of the dollar continue to move up before the FOMC meeting, but because of the narrowness of the wedge, the U.S. Dollar is expected to confirm the negative pattern sometime in the near future.


u.s. dollar price chart

In Review - continued

By comparing the outlook chart above with the review chart below, you can see that the U.S. Dollar did move up a little more inside the Rising Wedge.

But, after the Federal Reserve announced that they had raised interest rates by another quarter of a percent it sent the dollar tumbling confirming the expected outcome of the negative 'Rising Wedge' pattern.


US Dollar Price Chart

U.S. Dollar - This Week's Outlook

In the U.S. Dollar's chart below you can see the negative patterns or 'Dark Clouds' I was talking about in the title.

The dollar has formed two negative patterns the first is a Rising Expanding Wedge pattern and the other is a Head and Shoulders pattern.

The Head and Shoulders pattern has a question mark on the right shoulder because technically it can't be called a 'Head and Shoulders' pattern until the price breaks the neck-line.

However, the same 'Head and Shoulders' pattern looks to be forming in the dollar's MACD and RSI indicators, but first, the U.S. Dollar must break and confirm the 'Rising Expanding Wedge' before it comes close to confirming the Head and Shoulders pattern. 


U.S. Dollar Price Chart

Charts provided courtesy of this Guide's Affiliate - TradingView.com





U.S. Dollar's Price Resistance and Support Levels


U.S. Dollar's Resistance Levels

$95.00

$94.00


U.S. Dollar's Support Levels

$93.00

$92.00








SILVER

In Review

Below is silver's commentary and chart outlook from two weeks ago.

For the week ahead, silver's RSI looks to have bottomed, but its MACD still looks like the price may move down a little further.

In addition, if you view the charts from the introduction of this post, you can see that silver often moves sideways the last two weeks of the year, so perhaps we'll see more of the same this year too? 

However, we cannot forget that silver also has the positive price pattern looming over it (Falling Expanding Wedge) which is expected to be confirmed sometime in the near future.

Ultimately, we'll have to wait on time to see how all these factors play out.

Silver Price Chart

In Review - continued

Over the last two weeks, silver's price came close to testing the level of its 'Long-Term Rising Trend-line,' but it managed to stay above it and ultimately it changed its movement, moving upward confirming the 'Falling Expanding Wedge' that was looming over it.


Silver - This Week's Outlook

For the week to come, I could not find any clear patterns in silver's chart.

However, silver's MACD and RSI are both indicating that more upward movement is possible and with the forecast for the U.S. Dollar this outcome becomes more likely, but time will tell.


silver price chart

Charts provided courtesy of this Guide's Affiliate - TradingView.com





Silver's Price Resistance &
Support Levels


Silver's Resistance Levels

$17.35

$17.00


Silver's Support Levels

$16.25

$15.55








GOLD

In Review

Below is the gold outlook from two weeks ago.

Like silver, gold's 'Falling Expanding Wedge' is still showing that a positive price change is expected to happen sometime in the near future.

However, gold's MACD and RSI are showing that more downside may be in its future.

I took a look back at how gold moved at the end of previous years, and like silver, it too moves mostly sideways until the new year begins.

So, it seems the price could go in any direction, but I'll be looking for a sideways movement in gold with an upward slant in the weeks to come.


Gold Price Chart

In Review - continued

As you can see in the chart below, gold moved down and sideways a few days after the last post was published.

But later it didn't move with an 'upward slant,' instead, it just moved steadily upward and ultimately it broke the Falling Expanding Wedge, confirming it.


Gold - This Week's Outlook

For the week ahead, after studying Gold's chart, I could not identify any positive or negative technical patterns.

However, also like silver, gold's MACD and RSI are giving an indication that we should see gold move higher.

Ultimately time will tell, but if the dollar falls like the patterns in its chart indicate then we should see gold and silver move higher.


Gold Price Chart

Charts provided courtesy of this Guide's Affiliate - TradingView.com





Gold's Price Resistance and
Support Levels


Gold's Resistance Levels

$1300.00

$1285.00


Gold's Support Levels

$1265.00

$1240.00







Thank You for Your Time.

Have a Great Week and God Bless,

Steve





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