Gold has also benefited from the dollar’s slack performance this year. Most raw materials are priced in dollars and historically a strong USD has pressured commodities.
“Gold should advance higher up to right near $1,305 to $1,310 and potentially in the intermediate term probably up near $1,450. Pullbacks over the next couple months should serve as excellent chances to take a look at buying gold for future outperformance in the months ahead,” Newton told Yahoo Finance.
SPDR Gold Shares
Tom Lydon’s clients own shares of GLD.