Gold Silver Reports (GSR) Dollar yesterday close is above all previous highs achieved throughout this year. On May 29, the dollar closed at 94.79, and on June 14 the dollar index closed at 94.77. These highs had been the highest trading points of 2018, and up until today, the dollar had never closed above 95 on the index in 2018.
These highs match highs in the dollar that were achieved in November 2017……,
which created the resistance at this level. However, even during November, the highest high the dollar closed at was 94.86….. In fact, the last time the dollar index traded at or above 95 was in July 2017.
On June 7, a “golden cross” pattern was completed. This pattern is created when the short-term 50-day moving average crosses above the longer-term 200-day moving average. This pattern is interpreted by technical analysts as the point in time in which a short-lived rally morphs into a long-term trend.
Golden Cross Pattern
What is a ‘Golden Cross’
The golden cross is a bullish breakout pattern formed from a crossover involving a security’s short-term moving average (such as the 15-day moving average) breaking above its long-term moving average (such as 50-day moving average) or resistance level. As long-term indicators carry more weight, the golden cross indicates a bull market on the horizon and is reinforced by high trading volumes.