The dollar is extending its decline and prices are nearing the 200-day MA. There are multiple levels of support around 98.50, and I expect the dollar to bottom this week.

Metals and Miners could rally a bit further as the dollar completes a cycle low. I expect gold and silver to top by Friday, at the latest.

I will be watching for a swing low in the dollar and a swing high in gold to mark the cycle turning point. Miners should remain within their respective resistance zones and begin the next down leg when the dollar bottoms. I still expect miners to test/break their March lows by mid-April.

-US DOLLAR- Dollar is closing in on the 200-day MA and the next swing low (close above the previous day’s high) should mark a cycle bottom.

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-GOLD- Prices are approaching the 200-day MA, as the dollar completes its cycle decline. The next swing high (close below the previous day’s low) should mark a top in gold. The rally is extending, but I expect a top by Friday. Prices could reach around $1,275 if stop-loss orders are triggered above $1,265.

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For now, we are just waiting on the dollar to bottom.