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\n<\/p>\n
On a short-term basis, we see another re-test of the 100 level. This time, the USDX moved close to its May lows, the lower borders of the declining short-term trend channels, and the 61.8% Fibonacci retracement level.<\/p>\n
It\u2019s not visible on the above chart, but the major support level that was also reached today was the 2023 low.<\/strong><\/p>\n Naturally, this support held and the USDX is now moving back up.<\/p>\n Let\u2019s keep in mind that the USD Index\u2019s outlook is primarily determined by the long-term charts that I\u2019ve been covering recently \u2013 what we see above is just a short-term indication that the big move higher might have started here. Now, long-term charts are much more important than the short-term ones, so even if the USDX didn\u2019t bottom here, it\u2019s still likely to bottom soon and rally in the following weeks and months.<\/p>\n And the implications of those moves higher are very bearish for commodities and precious metals. The same goes for mining stocks, only to a bigger extent, if stocks decline (which is likely to happen).<\/p>\n Speaking of commodities, copper appears to be ripe for a big move in any direction.<\/p>\n<\/div>\n [ad_2]<\/p>\n","protected":false},"excerpt":{"rendered":" [ad_1] On a short-term basis, we see another re-test of the 100 level. This time, the USDX moved close to its May lows, the lower borders of the declining short-term trend channels, and the 61.8% Fibonacci retracement level. It\u2019s not visible on the above chart, but the major support level that was also reached today was the 2023 low. Naturally, this support held and the USDX is now moving back up. Let\u2019s keep in mind that the USD Index\u2019s outlook is primarily determined by the long-term charts that I\u2019ve been covering recently \u2013 what we see above is just a short-term indication that the big move higher might have started here. Now, long-term charts are much more important than the short-term ones, so even if the USDX didn\u2019t bottom here, it\u2019s still likely to bottom soon and rally in the following weeks and months. And the implications of those moves higher are very bearish for commodities and precious metals. The same goes for mining stocks, only to a bigger extent, if stocks decline (which is likely to happen). Copper at a Turning Point Speaking of commodities, copper appears to be ripe for a big move in any direction. [ad_2]<\/p>\n","protected":false},"author":1,"featured_media":46473,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-46472","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financas"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/posts\/46472","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/comments?post=46472"}],"version-history":[{"count":0,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/posts\/46472\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/media\/46473"}],"wp:attachment":[{"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/media?parent=46472"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/categories?post=46472"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/tags?post=46472"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Copper at a Turning Point<\/h2>\n