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Silver Wheaton Corp. Message Board

  • chemaes44 chemaes44 Oct 13, 2009 12:36 PM Flag

    USD index probing under 76

    At this point its gone under, and come back up to retest 76 (which looks to now be resistance). It was repelled. Folks are selling/shorting into 76.

    So now we wait to see if this is a breakdown or basing for a bottom. Gold seems to be saying its a breakdown.

    going to be an interesting afternoon

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    • I'm not sure if I'm going to deploy more to SLW if 76 breaks.

      I'm looking at the oil chart and salivating at this consolidation. The 1 day chart had conolidated for 34 days before what seems like a breakout a couple of days ago but the weekly chart looks like a text book consolidation, like a pennant. If the dollar tumbles I'm thinking you can't go wrong with any commodity, maybe I jump on oil to spread it around a bit.

      • 1 Reply to chemaes44
      • There's something a bit unusual about how the USD index and gold moved yesterday.

        Yes, on a closing basis, the index made a new 1.5 year low and gold hit around 1068/69, but the gold move seemed muted.

        Even today, the index hit 75.45 or so and you almost expect a floodgate to upon and the index price to tank down to 74, but it didn't.

        This is not what has happened in the past. Whenever the dollar index broke through support, there was a major extension downward on the first break.

        It makes me almost buy into the theory the USD will be controlled in a managed way lower.

        good trading

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