The rubber band that is the US dollar index continues to extend from its late November hinge.
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Considering that weakness in silver has preceded major pivots lower in the euro—dollar bears would be wise to heed its call and take shelter for an early winter slumber. I am indeed biased here, but can appreciate the symmetry of their respective retracements. Both silver and the USDX exceeded mirrors of their 61.8% retracement levels. The bottom line, though, is that silver continues to hold prescience to risk appetites.
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That is—if you're not in denial.
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Hi ho silver--away!
Erik Swarts can be found at MarketAnthropology.com.
