Precious metal’s direction is often determined by the value of the currency it takes to buy it. Recently, the US dollar has broken down, and now sellers are getting more aggressive. That has brought gold up to an important level. Chartists are looking at 1307 in gold as a key resistance, as it recently hit there and backed off. Now it is threatening that level again. And there is a potential of an upward acceleration in gold and silver. In a bit of a bigger picture, illustrated in the accompanying chart, the XAU (Gold & Silver Index) shows it has broken out of a long consolidation. It also shows our cycle analysis suggesting by mid-September, precious metals could accelerate upward. That’s if they don’t do it sooner.

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