Gold Is Being Lifted By U.S. Dollar Weakness
Anna Carpenter
Fri, 04/16/2021 – 13:06

Authors
Frank Cholly

Publication Date

Image
Gold bars

An impressive rally in gold this week takes out key resistance levels and, potentially, a very positive weekly close. At the time of this writing, June gold is trading at $1,783! The next key level on the way up is $1,788.

A close above $1,788 will encourage the gold bulls and likely drive this rally towards the $1,820 to $1,825 range. I’m confident that gold has bottomed and that the rally will continue, likely spending some time to consolidate in the $1,820 to $1,850 range.

The U.S. Dollar has been trending lower for weeks now, and that obviously helps support gold prices. However, it wasn’t until the Dollar dropped below .9200 that gold was able to break out and close above $1,760. So, these are 2 key levels that you must pay attention to. Gold must hold above $1,760 and the U.S. Dollar needs to stay below .9200.

Platinum has a base in the $1,150 to $1,155 range and the trend is sideways-to-up. A close above $1,200 in the July platinum is needed to rekindle the rally back towards $1,250. The next test of $1,250 should quickly carry the rally to $1,300.

If you are interested in discussing the potential opportunities in the metals futures, please contact Frank directly at fcholly@rjofutures.com

Section
Market Analysis

Topic
Metals

Tags
Metals
Gold
Gold futures
Silver
Silver futures
gold and silver futures
precious metals
commodities
Federal Reserve
commodity trading
Nymex
Interest Rates

Site
FuturesMag

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.