Saturday, January 15, 2005

US Dollar - latest formation

The USD stopped going down (made a low) at the beginning of December. Then it went up and 5 days later made a temporary high. Then it went down and made a lower low. Then it went up and made a higher high. That is a megaphone formation. A line connecting the highs slopes upwards. A line connecting the lows slopes downward. This expanding price pattern dissapates bullish energy. This is a bearish formation and can be seen here:
This bearish formation for the USD is bullish for gold and silver.

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