Fortunately for the bull camp in gold, the dollar index was unable to forge a higher high overnight and in turn simply matched the Monday peak in prices.
We suspect gold and silver are benefiting from further assurances from the Chinese Politburo overnight indicating they would provide more support for commodities, the property sector, and local government debt relief.
However, August gold did damage its charts with a lower low this morning perhaps following news that Chinese net gold imports through Hong Kong declined 29% in June compared to May...[MORE]
Please subscribe to receive the full report via email by clicking here.