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Gold UUP & HUI Combo Chart…Now is Not the Time to be Complacent

Commodities / Gold & Silver 2019 Apr 19, 2019 - 03:26 PM GMT

By: Rambus_Chartology

Commodities

On Tuesday of this week I posted this combo chart showing the possible small blue flag forming on the UUP ( US Dollar). This morning the price action gapped above the top rail and is now approaching the top rail of the rising wedge formation. The sixth reversal point will be completed when the top rail is hit. This is where it’s getting interesting. Many investors believe the US dollar is going to go down or collapse which could be the case. On the other hand what if the US dollar breaks out above the top rail of its August rising wedge?


Looking at the HUI on the lower chart doesn’t give me a warm and fuzzing feeling right now. It’s not the prettiest topping pattern I’ve ever seen if indeed that is the case, but the price action over the last two days has broken the bottom rail of the uptrend channel and what I’m calling a S&R line. If you look at the price action above the S&R line you can see a double top with a left and right shoulder but no place to actually label a neckline thus the S&R line.

In regards to a support and resistance line, above is bullish and below is bearish. How the price action interacts with the top rail on the UUP chart is going to give us a major clue on what to expect next for the PM complex. If the top rail holds resistance then the PM complex should find support but if the UUP breaks out above the top rail of the August 2018 rising wedge then the PM complex will have a strong headwind to deal with. Now is not the time to be complacent.

All the best

By Rambus Chartology

https://rambus1.com

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© 2019 Copyright Rambus- All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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