After peaking in 2022, the US Dollar Index has spent nearly a year in decline.
But it may be set to fall even further. And any further weakness in King Dollar will be bullish for precious metals like gold and silver. Today’s chart looks at the US Dollar Index on a “weekly” basis to highlight the current pattern and potential downside.
As you can see, DXY is attempting to break down through important price support.
Should the dollar close the week below this support, then a measured move would suggest a decline of at least another 5%.
If so, this would be great for precious metals and miners.