Below is a 30 minute chart that I posted yesterday that shows a bearish expanding falling wedge. The bottom rail held support yesterday and we had a big gap up this morning. Nothing is broken yet. We are still in the chopping mode. If the dollar can get above the top rail that would not be good for the precious metals complex or the stock markets. On the other hand if the dollar breaks below the bottom rail then the precious metals complex should benefit greatly as a new down leg would be underway for the dollar. This is your typical consolidation pattern at work trying to frustrate both the bulls and the bears alike.

UUP 30 minute bearish expanding falling wedge with big gap this morning.

Below is the daily look that shows the support and resistance rail just above today’s price action. The colored arrows shows how the S&R rail has reversed it’s role with the last red arrows showing resistance. Until the the UUP can break back above the S&R rail we have to believe it will hold resistance.

UUP daily look showing the support and resistance rail still functioning at this time.