Gold Remains Under Pressure As Dollar Continues Higher

(Kitco News)- Gold begins the week on a defensive note as the dollarcontinues well bid. It remains a case wherecomparisons show U.S. growth continues tooutperform the E.U. and Japan. The eurocould not recover the 1.20 euro/dollar level last week and the technical picturesuggests further “short-term” dollar strength. Repatriation of corporateoverseas dollar holdings has also added to dollar strength momentum. Weconsider current dollar strength temporary, but until you see technicalevidence of a reversal, trying to catch the dollar top may be premature. Goldwill need to hold our $1,302 support line to avoid a potential test of the$1,287 area. The upside resistance band continues at $1,322 -$1,325.

By Peter Hug

Contributing tokitco.com

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