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Dollar at resistance offers gold bulls relief

Commentaries & Views

It is no big surprise that the DXY is finding resistance exactly at the overhead trendline highlighted in the daily chart below. In my opinion, this opens the door for tradeable bounce in metals.

For traders, a long in gold with a target at the $1930 - 35 level may be worth a shot, perhaps with a stop at last night's lower low of $1884.

In the same spirit, silver looks to be on its way to $23.85 and perhaps $24.20

Of course, anticipation in the market is just building for Jerome Powell's Jackson Hole symposium comments to be delivered on Friday. I really think you should be nimble if you're going to wade into the waters from now till then.

Thanks, and have a nice week.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.