Friday, July 21, 2017

Gold price moves back over $1250 and at highest level in a month as dollar falls below 94 on the index

On July 21 gold prices moved above $1250 for the first time in a month, and have recovered over $40 from their recent declines over the past three weeks.  And while gold appears to be in a definite upward trend since it crossed over its 200 day moving average earlier this week, the dollar continues to fall as it now has broken below 94 on the dollar index.

Gold Chart:


Dollar Chart:

On Friday, gold breached thresholds that market technicians tend to view as indicating a bullish trend is under way. Notably, gold prices are trading above their 100- and 50-day moving averages, both around $1,250, as a broad measure of the U.S. unit, the ICE U.S. Dollar Index DXY, -0.33% which compares the buck against a half-dozen other currencies, traded about 1.7% lower month to date. On Friday it was down 0.3%, with the euro EURUSD, +0.3955% which represents the biggest weighting in the ICE dollar gauge, up 0.2% versus the greenback. 
“The dollar has been under serious assault, which has pushed the price of gold higher,” said Naeem Aslam, chief market analyst at ThinkMarkets UK. “As long as the dollar bleeds, we do think that the gold price would continue to move higher and could touch the level of $1,300.” - Marketwatch

3 comments:

Hey Ken -- love your segments on Rogue with V & CJ and especially John B. (been a subscriber since almost the beginning). Question, not asking for advice, just curious what you would do: I've got 70,000 in an IRA -- thinking about pulling it out, take the hit and buy more silver and some gold (when it goes lower before it goes higher) and keep some cash on hand. We own our house/property with debt under 5000 (paid off in about 3 months. Is this stupid or what) -- Like I was saying... what would you do

I would suggest (not advise) you check out this company (Perpetual Assets). They can help you set up a self-directed IRA with your current account and proceeds and in it you can not only keep gold, silver, Cryptos in your own possession, but it also allows you to invest in that IRA in nearly any investment class.

I don't get paid to promote them, but have found what they offer to be a good alternative to investigate and give you options and ideas on what to do with your money... especially in how to get it out of the system.

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Yes agree with your analysis of Gold.
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