How many times have we stressed that our eyes are glued on the $USD? – which we believe will probably not fall too much further from here.
The $USD, in our minds, has been and remains a key! And thus far, our stance on $USD/precious metals action has been spot on.
The Bulls have continued to maintain their control – and, as we have frequently said, the trend is your friend until it is not. And buyers have stepped up to take advantage of dips.
But an ever increasing number of charts have moved into further and further into overbought territory – with risk escalating while the number of decent chart set-ups has been diminishing. Definitely it seems prudent to keep an eye focused on market direction, especially following the first hour of trading – to keep another eye on the international markets.
For the most part, we are sitting on our hands. The risk/reward is not what we want here – and, other than quick trades, it seems best to wait for set-ups that we believe in that will likely occur down the road.
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