Dollar at resistance offers gold bulls relief
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
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.