Chart of the Day: Dollar Index Headed for Rapid Collapse?

The USDX is sitting at precarious support near 79,particularly as it’s long term uptrend has been penetrated to the downside near 82.
Should support at 79 fall, a gap down in the dollar to 74.50 looks imminent.

We don’t think SD readers need an explanation about what a big gap down in the dollar will mean for gold and silver prices.

 

Chart courtesy Matrix Markets