Kitco News, Released on 3/31/21

Treasury yields have risen to a 14-month high, boosting the U.S. dollar, which in turn has put downward pressure on gold. Jim Wyckoff, senior market analyst for Kitco News, said that the short-term technical indicators for gold have deteriorated. “We hit a new 3-week low today [Tuesday] in the gold market. We’ve got some very strong chart support at the March low of $1,673 and change. If we drop below that level, you open a door to a channel to $1,600. Gold needs to strongly defend that March low and if it can’t, there’s going to be more significantly more downside likely,” he said.

0:00​ – USD and nominal yields
1:32​ – Gold’s technicals
3:57​ – Downside support level
5:45​ – Silver
6:16​ – Crude oil

  Jim Wyckoff