Spot gold and silver were off half a percent on Wednesday as the dollar gained on the back of single-family home sales hitting a six-year high in August, even though the overall housing numbers are seen as “still fairly depressed.” As for the dollar, “the rally in the U.S. dollar index to a four-year high has been a major bearish ‘outside market’ factor working against gold and silver,” according to an analyst’s report cited by Coin News, and “the continued bearish technical postures for both gold and silver are allowing the sellers to remain in control.”
See also:
MarketWatch/Gold-Prizes.biz: Gold may rebound as extreme bearishness sets in
Mineweb/KWN: Lawrence Williams – What’s behind the current silver disconnect?; Despite pressure, is silver ready to turn mega-bullish?
Numismastic News/Reuters: Patrick Heller – Soft metals weaken U.S. coin prices; American Eagle gold coin sales set to jump in September
JS Kim: Don’t be misled by weakness in gold & silver paper markets
Yahoo! Finance/Seeking Alpha: Analyst – Dollar power is a problem for stocks
Arabian Money: Can gold and silver really fail when stocks and bonds fall?