Gold is still a Dollar Play
Wednesday, April 3, 2019 at 06:46PM
Gold Prices

 

It is been a very frustrating time for Gold Bugs as gold has been unable to break out above the $1350 level for the last 5 years.

The chart above shows the number of times gold has attempted this break out above this resistance level and has failed once again.

This is still an inverse relationship with the dollar scenario.

The rate hike scenario which was supportive of the dollar we believe that this rate hike scenario is now over and there will be no more rate hikes this year and there could possibly be a rate cut. However, given that Brexit situation has damaged both the euro and the pound making the dollar slightly more attractive in the world of currencies. The phrase the “best looking horse in the glue factory” springs to mind.

Also note that the dollar is again attempting to breakthrough its own resistance level of 97 and if it does and rallies from there then this will put downward pressure on gold and silver prices.

All we can do is use this time to do due diligence on our investments and analyze the various precious metals stocks that we would like to hold once gold and silver precious metals rally begins in earnest

take good care

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