DXY appears to be consolidating above the 75.35 midpoint of a bullish pattern on the hourly chart projecting to as high as 77.18. If a move to that number is indeed under way, it would exert pressure in the weeks ahead not only on gold and silver, but on stocks. We should therefore monitor this vehicle closely. Most immediately, a print today exceeding the 75.85 ‘external’ peak on the hourly chart (see inset) would further embolden bulls and put more short-squeeze pressure on bears.