Market Update 8/31 – Pivot Low in the USD?

Market Update 8/31 – Pivot Low in the USD?

ByJamie Saettele

USDOLLAR spiked lower on the last day of the month but recovered to finish the day virtually unchanged. Price is RIGHT at 11950. In fact, today’s low was one tick above the April high (former resistance is now support) and just above the 50 day average too. My view is that the USD is still in an uptrend. The question is whether or not the dip within the uptrend is complete. Today’s action (long lower wick into a well-defined level) is a good way to make the next pivot low. Also, 4 hour RSI continues to bottom above 30 (see below). Remember, this is characteristic of a ‘bullish RSI profile’.

Market Update 8/9 – Silver Crashes – What Now?

Market Update 8/9 – Silver Crashes – What Now?

ByJamie Saettele

The silver crash bounced from a median line today. While the action may feel like capitulation, I’m watching for resistance from the line that crosses lows in June and July (red line). That line is about 24.20. Very near term, price could bounce near 23.05 (see below). The 61.8% retrace of the rally from March 2020 is 18.71. Keep that level in mind for major support if reached.