Dollar Down, Gold Up

Dollar Down, Gold Up

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.

As the time of this writing, December Comex gold futures were up $2.70 an ounce at $1201.50 and December Comex silver was up $0.045 at $14.225 an ounce.

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…

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