Thursday, June 02, 2016

U.S. Dollar To Take A Little Break?

The U.S. Dollar (UUP) is looking to put in a little top at the moment while it completes its ascending bearish wedge. I expect the ascent to continue, but not until UUP has touched $24.40 to $24.50.
This break by the U.S. Dollar's climb means gold might have a bit of a bounce while it works off it's horribly over-bought state. A very narrow and quite sharp bullish declining wedge is going in which suggests this bounce won't be very long or particularly strong. Please note there is a gap to be filled on GLD from around $118.00 to $119.00.