silverdoctors.com / By Morris Hubbartt / December 8, 2012
The dollar’s failure is probably being masked by a gold market that feels a bit like it is “under attack”. The line in the sand that I have set for the dollar is 80.50. It has closed under that key price numerous times, which indicates technical deterioration.
This “Cork In The Sea” weekly chart highlights a massive symmetrical triangle formation, with a horrific final price objective of about 50 for the USDX. Where would gold trade if the dollar were to suffer such a catastrophic decline? I believe it would trade above $4000 an ounce.
- The dollar’s failure is probably being masked by a gold market that feels a bit like it is “under attack”. The line in the sand that I have set for the dollar is 80.50. It has closed under that key price numerous times, which indicates technical deterioration.
- This “Cork In The Sea” weekly chart highlights a massive symmetrical triangle formation, with a horrific final price objective of about 50.
- Where would gold trade if the dollar were to suffer such a catastrophic decline? I believe it would trade above $4000 an ounce.
- In the shorter term, a head & shoulders short term top within the black bearish wedge has appeared, rather ominously. It projects a decline in the dollar to the 73 area.
- A decline to that level would test the lower red support line of the giant symmetrical triangle, and would probably coincide to a breakout above $2000 in the gold market.
