Caught flat footed, I can point to equities to show the pullback. The dollar has high volatility, and made gains early in the day, but sold off late, and has not made the gains I thought it would. Oil has stayed in the middle of its range. But when it comes to precious metals, I will note, I have misjudged their current moves! And yes, I am happy I have.
Ever cautious I wonder what this means for future price moves, as the markets follow gold, and not the other way around. Does this spell the demise of the dollar in short? For if gold continues to move higher, surely the dollar will fall! That would mean oil and silver would break out, and platinum would not be left behind. Is this what is about to happen.
I think not yet, but the support levels may have moved up. For now, silver has broken to a new range, so its support has moved up. Gold's breakout continues, and so its support is still in the $1550 area. Platinum is back to the middle of range that has lasted it almost a year, and oil, the dollar, and the euro are in the middle of their ranges, too.
Equities are right in line to where I thought they would go, so I will say to look for Dow 12k to be tested, but as equities have an inverse relationship with the dollar, and if the dollar has its ass handed to it by the Trinity, then equities will again rise. This will happen once the debt ceiling and QE 3 are ushered in, and I have stated that, but maybe the breakout occurs before then. Remember, I did call this the last pullback from the get go for a reason.