USD Driving Gold, Silver Rally? – Jim Wyckoff Chimes In

from Kitco NEWS

Gold and silver prices settled higher after some volatile trading Tuesday. And, according to Kitco’s senior technical analyst Jim Wyckoff, the charts are looking more and more positive for the metals. ‘I’m most impressed that over the past 6 weeks or so, the gold market has held steady to higher levels,’ he told Kitco News in an interview. ‘It seems to me, gold has made its turn and is going to continue to turn sideways to higher from here.’ June Comex gold futures managed to hit a 3-week high Tuesday and settle up $1.10 at $1,260.90 an ounce. Meanwhile, May Comex silver hit a 5.5-month high and settled 24.8 cents higher Tuesday at $16.222 an ounce. One factor contributing to the metals strength has been the U.S. dollar’s weakness against other currencies, noted Wyckoff. ‘Right now, the charts are telling me the path of least resistance for the dollar index is sideways to lower.’

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