It’s been a seesaw kind of week. Gold started off the week on a bright note, breaching the key psychological level of $1,200. Then the U.S dollar index bit back. It traded sharply higher, hitting a three-week high Friday, and gold bulls found themselves once again back on the defensive.
But as midday approached, gold prices held moderate gains. The U.S. dollar index backed down from its session high, which prompted some fresh buying interest in gold and silver markets. Our technical analyst Jim Wyckoff says, “if gold prices can hold their present gains they would salvage a rough week and finish with modest gains for the week.”

For Jim Wyckoff's full analysis, a look at Fed minutes, Euro fluctuations and much more,

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