Recent price action in the dollar index does hint that the index has put in a market low.
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Recent price action in the dollar index suggests the index will trade choppy and trendless in the near term.
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The index is set to replace the Dow average on April 8 as the index whose action will be monitored for the sharp swings that trigger "circuit breakers" halting all U.S. stock trading.
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The U.S. dollar index is weaker in overnight action, which is bullish for the dollar-denominated gold market.
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Charles Nedoss, senior market strategist at Olympus Futures, said the action of the U.S. dollar index will be important to gold.
The U.S. dollar index is near steady in choppy action Thursday on profit taking after hitting a nearly two-year high on Wednesday.
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See on the weekly CCI chart that recent price action has seen a strong rebound from the summertime low, in which the index hit a 21-month low.
Recent price action is suggestive of a market low being in place for the U.S. dollar index.
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The U.S. dollar index is trading weaker Friday on some profit taking and position evening from recent upside price action.
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It has been a confusing three-day sequence for traders after the index closed on its highs Friday, and it looks like back-and-forth action could continue.
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