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Will Brexit Vote Push US Dollar One Way or the Other?


 -- Published: Tuesday, 21 June 2016 | Print  | Disqus 

Source: Jack Chan 

https://www.streetwisereports.com/pub/na/will-brexit-vote-push-us-dollar-one-way-or-the-other

With both gold and silver ETFs trading in heavy volumes last week, technical analyst Jack Chan suspects liquidation is occurring, and speculates that the upcoming Brexit vote could impact the U.S. dollar.

chanETFgold_630

The gold ETF produced an outside reversal this week on very heavy volume, suggesting liquidation.

chanetfsilver520


The silver ETF also furnished an outside reversal on very heavy volume.


chanetfdollar520


USD is bound by support and resistance and is destined to break one way or the other soon.

Summary
Much will depend on the dollar, as the Fed's announcement this week did not cause a break one way or the other. Perhaps Brexit will next week. The outside reversals on GLD and SLV were on very heavy volume, and that suggests liquidation. Caution is advised.

Jack Chan is the editor of simply profits at www.simplyprofits.org, established in 2006. Jack bought his first mining stock, Hoko exploration in 1979, and has been active in the markets for the past thirty seven years. Technical analysis has helped him filtering out the noise and focusing on the when, and leave the why to the fundamental analysts. His proprietary trading models have enabled him to identify the NASDAQ top in 2000, the new gold bull market in 2001, the stock market top in 2007, and the US dollar bottom in 2011.

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Disclosure:
1) Statement and opinions expressed are the opinions of Jack Chan and not of Streetwise Reports or its officers. Jack Chan is wholly responsible for the validity of the statements. Streetwise Reports was not involved in any aspect of the article preparation or editing so the author could speak independently about the sector. The author was not paid by Streetwise Reports LLC for this article. Streetwise Reports was not paid by the author to publish or syndicate this article.
2) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
3) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their families are prohibited from making purchases and/or sales of those securities in the open market or otherwise during the up-to-four-week interval from the time of the interview until after it publishes.

Charts courtesy of Jack Chan

 


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 -- Published: Tuesday, 21 June 2016 | E-Mail  | Print  | Source: GoldSeek.com

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