Uncle Buck Bouncing But Bearish

The US dollar remains in bearish lockdown, technically

The daily chart shows a slight bounce attempt that itself may be suspect, even as USD is positive morning.

day

Barring a take-out of resistance at 92 per the daily chart above, the monthly chart advises that the first good looking support comes in at 88 with more strong support at 83.

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So the markets are getting roughed up a bit on the short-term as DXY bounces a bit. But as long as the currency remains bearish and as long as the inverse correlation holds up, the stock pullback would be indicated as routine.

HUI is included here for comic relief and just maybe a view into an index doing what it needs to do in order to out-perform once again when the time is right. Recall that November-January is a seasonal average time frame for a gold stock bottom. In my opinion the up-turn from a coming bottom is going to potentially be a monster rally.

Okay girls, relax for a bit. Your time will come.

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