Both gold and silver have emerged from consolidation patterns with a good turn-up in momentum. We like both metals here, and the weakness in the DXY is helping.
Today, we review both precious metals (gold and silver) and the Gold Miners ETF (GDX), along with the US Dollar Index.
Gold Futures Chart
Gold is breaking out above its downtrend line and may now be targeting $2124.
Gold Miners (GDX) Chart
The gold miners are testing important breakout price resistance. A move over 30.25 could send GDX above $33.
Silver Futures Chart
Silver has broken out above its downtrend line and may be headed toward $27 to $28 mark.
US Dollar Index Chart
As you can see here, weakness in the US Dollar has been a tailwind for precious metals.
The author or his firm have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.