With a 3-day high in the dollar and signs of noted weakness in Italian consumer prices, outside market influences are negative for gold and silver to start the new trading week.Therefore, we see gold and silver in corrective postures to start the new trading week. In fact, several bullish fundamentals have reversed course and we expect a mini downtrend to unfold.
Obviously, a dampening of inflationary expectations removed a primary pillar of the bull case. However, seeing a reversal of a downside breakout in the dollar combined with talk that the Fed will "go ahead" with a rate hike in May provides a lot of bearish ammunition...[MORE]
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