Greece On The Back Burner, USD Index Showing Signs Of Exhausted Bulls – Jim

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After early morning gains, gold prices are back down on Thursday as the U.S. dollar continues to strengthen, but Jim Wyckoff tells Kitco News that USD bulls may be getting tired. “The issue in the gold market and that traders are looking at is the recent strength of the U.S. dollar,” he says. “However, if you look at the daily chart of the U.S. dollar index, price action has been trading sideways and choppy for the past three weeks and that could be an early clue that the dollar index bulls have become exhausted.” Looking over to issues in Europe, Wyckoff says that although the Greece issue has now been put on the back burner, it is still an underlying bullish factor for the gold market. “The market gets numb to this ongoing problem with the EU and its sovereign debt…I think there is a bullish underlying tenor to the gold market, at least selling interest has been limited due to this concern.” Tune in now to find out what rating Wyckoff is giving gold & silver this week on this latest edition of “Technically Speaking.” Kitco News, February 19, 2015.

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