The buoyant U.S. dollar has finally taken a dip, boosting the price of both gold and silver this morning. The “Dollar Down, Gold Up” headline is giving gold bulls a smile, if only for a moment, as gold once again bumps up against $1,200 an ounce.
The past few months haven’t been stellar times for the precious metals market, but with Labor Day in the rearview mirror, technical analysts are looking long-term for good news where they can find it.
The U.S. equities market has opened lower on the news that most overseas indexes also lost ground overnight. The very real possibility of ongoing trade wars and strife on two fronts—China and Canada, have helped to suppress any bull market expectations in the near term.
Time will tell if gold can break through the $1,200 ceiling, but the skies definitely look to be clearing—at least for a little while. Sometimes, just a bit of breathing room is all you need to rally the troops.
Have a wonderful Wednesday…
Disclaimer: This editorial has been prepared by a Dillon Gage Metals analyst for information and thought-provoking purposes only and does not purport to predict or forecast actual results. This editorial opinion is not to be construed as investment advice or as a recommendation regarding any particular security, commodity or course of action. Opinions expressed herein cannot be attributable to Dillon Gage. Reasonable people may disagree about the events discussed or opinions expressed herein. In the event any of the assumptions used herein do not come to fruition, results are likely to vary substantially. It is not a solicitation or advice to make any exchange in commodities, securities or other financial instruments. No part of this editorial may be reproduced in any manner, in whole or in part, without the prior written permission of Dillon Gage Metals. Dillon Gage Metals shall not have any liability for any damages of any kind whatsoever relating to this editorial. You should consult your advisers with respect to these areas. By posting this editorial, you acknowledge, understand and accept this disclaimer.