US DOLLAR CORK IN THE SEA PREPARING TO VISIT DAVY JONES LOCKER
by Morris Hubbartt
DECEMBER 8, 2012
The dollarâ€™s failure is probably being masked by a gold market that feels a bit like it is â€śunder attackâ€ť. The line in the sand that I have set for the dollar is 80.50. It has closed under that key price numerous times, which indicates technical deterioration.
This â€śCork In The Seaâ€ť weekly chart highlights a massive symmetrical triangle formation, with a horrific final price objective of about 50 for the USDX. Where would gold trade if the dollar were to suffer such a catastrophic decline? I believe it would trade above $4000 an ounce.