While the dollar action overnight is not patently negative to gold and silver, the charts in the dollar show no signs of vulnerability thereby leaving gold and silver under currency-related pressure.
In retrospect, gold and silver have seen some flight to quality liquidation following the quick House passage of its debt ceiling bill and further but even less significant flight to quality liquidation might be seen when the bill passes the Senate.
A limiting force for the markets going forward are several Fed comments yesterday favoring a rate hike in the next meeting but there were two Fed members who indicated they could favor a pause to give the Fed additional data before acting...[MORE]
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