Gold Futures Up a Second Straight Day with Dollar in Retreat

Gold futures may have found solid support as buyers have stepped-in for two days in a row now. The US Dollar’s decline may be boosting the precious metal’s appeal as an alternative investment, safe-haven.

In the relationship with 10-yr. T-Notes, the dollar slipped slightly with treasury’s and against most other major currencies. Compared with gold, it’s an inverse relationship – as the dollar has lost ground, gold futures climbed the most it has in two months.

Gold futures trend is still technically down. I view this relief rally as a temporary event and am looking for short signals.

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