A stronger U.S. dollar continues to weigh on gold prices as Jim Wyckoff says that this latest dollar rally could have legs and further hold gold prices back. Wyckoff says that the USD rally has been putting pressure on all raw commodities, as he points to last week’s strong Friday close as an indicator for its direction. “Last week, the dollar index came roaring out, produced a weekly bullish high close last Friday, which gave the bulls fresh technical momentum,” he says. With U.S. GDP set to come out Friday, Wyckoff isn’t putting much stock into the numbers unless they severely disappoint, stating that this is truly a USD story at the moment. Tune in now to see what market ratings Jim’s giving gold and silver this week. Kitco News, May 28, 2015.
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