“If there’s something to tip the boat, it could be maybe not what we saw in April, but maybe something almost as scary,” warns Carley Garner, founder of DeCarli Trading and frequent guest on Mad Money. She tells Daniela Cambone that the S&P 500 is facing significant resistance and that “there’s a lot of risk to try to make a couple extra points in the S&P”, raising the potential for a market pullback.

On the U.S. economy, Garner notes, “The numbers look great, right? … but when I look under the surface, I ask myself, how did we get to these great numbers? And I think the answer is leverage.” She cautions that “there’s a lot more risk in the system than people recognize.” Don’t miss today’s conversation.
Don’t Fall Asleep on the Currency Market

A Resurgent Dollar Could Obliterate the Commodity Bull Run—and No One’s Paying Attention

If you’re holding gold, silver, or equities right now, you can’t afford to ignore the US dollar forecast. Carly Garner, veteran commodities broker and frequent guest on Mad Money, issued a stark warning on the Daniela Cambone Show: a rising dollar could derail gold, crush copper, and trigger major corrections in stocks.

While everyone is distracted by AI stocks and inflation headlines, a critical inflection point is forming in the currency market—and it could upend everything.

The Dollar Is Waking Up—and It’s Not What Wall Street Wants

History May Be Repeating… with Painful Consequences

Carly sees strong parallels between Trump-era dollar surges and today’s setup. Her analysis suggests the U.S. Dollar Index (DXY) could rebound from 99 to as high as 110.

Why this matters:

• Most traders have priced in dollar weakness—setting the stage for a nasty surprise

• During Trump’s first term, a similar breakout-to-fakeout pattern led to a 15-point rally in the DXY

• If that pattern holds, commodities and equities are at major risk

“If I’m right, the copper rally is on its last leg. Gold could see a major correction,” Carly warned.

Commodities: Don’t Trust the Rally

Copper, Gold, and Silver May Be Headed Lower

Copper

What looked like a breakout may have been a capitulation rally, Carly explains. Fundamentals are stretched, and any dollar strength could knock copper down by $1 or more, regardless of the macro data.

Gold

Yes, gold and the dollar have moved up together recently—but that’s the exception, not the rule.

Carly points to a technical setup mirroring 2011, where a euphoric top was followed by a brutal correction:

• Gold peaked around $2,350 recently

• If history rhymes, she sees $2,000 or lower as a realistic retracement level

• “Gold is a fantastic long-term hold,” she says. “But short-term timing matters, and this isn’t a buy moment.”

Silver

Silver, long touted as the “catch-up” metal, may follow gold’s path downward:

• In 2011, both metals sold off together

• Carly expects silver to “sell off a little less than gold,” but still warns of short-term weakness

• “Everyone is long metals,” she says—never a comforting sign

Stocks: Technical Signals Flashing Red

The S&P 500 Could Be Setting Up for a Correction

Garner sees the S&P hitting a major resistance trendline with overbought RSI readings—historically a precursor to sharp sell-offs.

• Support lies far lower, possibly in the low 5,000s

• With rising leverage and seasonal weakness ahead, Carly warns: “Now’s the time to pump the brakes”

Leverage Is Driving the Economy—And That’s the Problem

Beneath the Boom Lies Dangerous Fragility

On the surface, the U.S. economy looks strong. But Carly sees echoes of 2006–2007, just before the financial crisis:

• Consumers are overleveraged—credit card debt is surging

• Investors are taking reckless bets, even buying gold or Bitcoin on credit

• “There’s a lot more risk than people recognize,” she says

When leverage fuels growth, it also amplifies the crash.

Why Gold and Silver Still Matter—But Timing Is Everything

Tangible Assets Remain Vital for Wealth Preservation

Despite her short-term bearish call, Carly still believes in physical gold and silver as long-term hedges—especially in a world addicted to credit and facing systemic risks.

• Gold vs Dollar: A falling dollar boosts gold, but even with a rising dollar, gold holds intrinsic value

• Silver volatility creates opportunity—for those with a long-term mindset

• In turbulent times, tangible assets like gold and silver offer protection no paper promise can match

Conclusion: Ignore the Dollar at Your Own Peril

The US dollar isn’t just a currency—it’s the linchpin of global asset prices. Carly Garner’s technical read suggests a dollar rally is brewing. If she’s right, gold, silver, and equities could be in for sharp corrections.

But long-term, the case for owning physical metals remains as strong as ever—especially with governments and markets asleep at the wheel.

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