18th July 2017

Gold certainly has had a much better tone to it over the past few days, climbing yet again on Monday for a third straight session. The advance was helped by a weaker dollar, which on a general index basis hit a ten-month low on Monday and is providing most of the upside ballast for the precious metal. In addition, and as our charts on the next page show, gold has also broken above its shortterm downtrend line, likely prompting some fund money to get back in on the long side. Reuters also notes that in terms of moving averages, the 200-day MA at $1230 was also taken out.