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http://www.brotherjohnf.com/gold-somewhat-ignores-dollar-weakness/ – Gold Somewhat Ignores Dollar Weakness. —
news.goldseek.com / By Jordan Roy-Byrne / Sunday, 21 May 2017
The precious metals complex rebounded as expected after becoming very oversold just a few weeks ago. The rebound has been aided by weakness in the US Dollar, which plunged roughly 2% over several days. However, upon further inspection Gold’s rebound has been entirely dollar-centric. Gold has remained weak in real terms and strength in the gold stocks and Silver has been rather muted. In short, the lack of much stronger performance in the face of US Dollar weakness bodes for increasing downside risk over the near term.
Gold’s recent strength has been driven entirely by Euro strength and not due to falling real interest rates, its primary fundamental driver. Macron’s win in France coupled with recent strength in European markets has supported what was an oversold and depressed Euro. This has supported Gold in US Dollar terms but only in those terms. As the chart below shows, Gold has been weak when measured against foreign currencies and equities.
The post Gold Somewhat Ignores Dollar Weakness appeared first on Silver For The People.
–(Published @ May 21, 2017 at 11:40AM by www.bitcoins.am™ Instant Real-time Bitcoin News Aggregation Source- From: ) #bitcoinnews
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