With the gold market falling below its 200-day moving average last week, the dollar index rising above its 200-day moving average last Friday, and the dollar managing to strengthen despite mixed to slightly softer US data, outside market forces look to remain a direct pressure on gold and silver prices.

Surprisingly, with growing signs of a loss of momentum in the US jobs market and signs of lingering inflation, the dollar remains in favor which in turn puts the gold and silver markets "out of favor".

Even though gold and silver ETF holdings saw pattern-breaking inflows last Friday, gold holdings last week fell by 141,157 ounces while silver holdings declined by 2.7 million ounces highlighting ongoing investor skittishness toward the instruments...[MORE]

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