Precious metals are starting the week strong as the rebound from $1760 continues.
It looks like Gundlach bottome-ticked the latest move with some negative commentary on gold from the bond king. I highlighted at the time how sentiment had turned extremely negative.
Today the drop in dollar is a big factor as commodity prices climb across the board (except natural gas). Crude, industrial metals and precious metals are all solidly higher.
Technically, the Feb 12 low offers some token resistance but it doesn’t get too tough until the $1850 area, which includes more Feb highs along with the cluster of the 50, 100 and 200 day moving averages.