Channels are used by a lot of folks, this security has extended its sell off to the point where exhaustion and short covering is more likely than continued selling. One to watch!
The US dollar may have a few percentage points higher to go as certain high risk carry trade loans are repaid as risk off creeps back in to markets (ie Buying USD, selling JPY, AUD, EUR). But most folks know that the move higher in USD is temporary and that a reversal to the downward long term trend is likely. The anticipation of the USD slow down and rolling over has seen Money Managers tickle up Gold and Silver a little.
The FED will eventually realize that this stronger dollar idea is not such a good idea and engage policies to lower it, maybe more QE in 2015.
Of course Gold and Silver can move higher while the USD moves higher.
As shown below silver looks technically attractive, thus now is the time to watch it, daily!
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"The market always tells you what to do. It tells you: Get in. Get out. Move your stop. Close out. Stay neutral. Wait for a better chance. All these things the market is continually impressing upon you, and you must get into the frame of mind where you are in reality taking your orders from the action of the market itself -- from the tape." ~ Richard D. Wyckoff
"A market is the combined behavior of thousands of people responding to information, misinformation and whim." ~ Kenneth Chang