Charts on GDX and DXY
GDX and DXY-- The precious metals complex is bid this AM, especially the Gold Miners (GDX). Last week's low at 33.06 (4/27) ended the pullback from the 36.10 high on 4/13. Current strength has the right look of the initiation of a new upleg from 33.06 that projects to 40-43.
Only a bout of weakness that breaks last week's low at 33.06 will compromise the timing of the thrust toward 40-43... last is 35.82
Meanwhile, as long as DXY is trading beneath key resistance at 104.20/80, the price structure remains vulnerable to downside continuation that violates multi-month support at 100.80-101.00 that projects next to 99.00 in route to 95-96... Last is 101.48...