US dollar at resistance: gold, silver, stocks, up

Tuesday, I wrote, “My base case is that metals get flushed down between now and the end of the week as the ratio and DXY hit their resistance and sputter out. If gold were to hold $1885 as the ratio and dollar top, I would consider that a signal for a long trade in metals”. Yesterday, both gold and especially silver were once again aggressively lower in the pre-market, but bulls stepped in.

I’m not sure whether metals are ready to take off in a straight line, but the weight of evidence suggests the probability that at least a short-term low is in.Gold looks like the pennant it’s been forming is preparing for an upside breakout. The prudent course may be to wait for gold to prove the sector is on the move with said breakout before overweighting.Follow J_GidaroDasilva jdasilva@kitco.com www.kitco.

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Stocks ease after inflation data leaves Fed outlook unchangedKitco News collects and features the top financial, economic and geopolitical news from around the world. Kitco's aggregated sources include some of the top newswires in the world including the Association Press, Canadian Press, Japanese Economic Newswire, and United Press International.
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