By Tim Knight
In spite of the President’s declaration on Saturday that the dollar was “too strong”, King Dollar is holding its own and, in turn, gold continues to get battered. It has tumbled hard pretty much every day since February 20th. I wanted to mention, however, that it could be finding a reasonable area of strength soon.
Miners, too, should be watched closely for support a little north of $21.
Oddly, one of the most helpful charts to gauge the turning points of metals of the Japanese Yen. If the symmetric triangle of FXY holds, gold will almost certainly find strength and bounce.
To make the point more plausible, below are the comparison graphs of FXY versus GLD. You can see there’s a bit of correlation here!
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