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PRECIOUS METALS: Dollar Weakness Helps Gold Extend ATHs

PRECIOUS METALS
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Renewed dollar weakness has seen gold extend its all-time highs, currently 0.8% higher today at $2,579/oz. Immediate focus is on resistance at $2584.0/oz, the 1.764 proj of the Jul 25 - Aug 2 - Aug 5 price swing. This level shields round number resistance at $2,600/oz.

  • Silver has seen a larger 2.5% rise today, now at its highest since July 17. The Jul 11 high at $31.754 provides the next resistance, before the bull trigger at $32.518 (May 20 high)
  • That leaves the Gold/Silver ratio on track for a third straight decline at 84.2. The Aug 27 low at 83.5732 provides initial support.
  • Elsewhere, platinum has broken above $1k to reach its highest since July 18, while palladium is at its highest since April.
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Renewed dollar weakness has seen gold extend its all-time highs, currently 0.8% higher today at $2,579/oz. Immediate focus is on resistance at $2584.0/oz, the 1.764 proj of the Jul 25 - Aug 2 - Aug 5 price swing. This level shields round number resistance at $2,600/oz.

  • Silver has seen a larger 2.5% rise today, now at its highest since July 17. The Jul 11 high at $31.754 provides the next resistance, before the bull trigger at $32.518 (May 20 high)
  • That leaves the Gold/Silver ratio on track for a third straight decline at 84.2. The Aug 27 low at 83.5732 provides initial support.
  • Elsewhere, platinum has broken above $1k to reach its highest since July 18, while palladium is at its highest since April.