| Market's record gains are a 'little bit deceiving,' but Wells Fargo sees it as a bullish sign | | |  | TUE, JUN 25, 2019 | | |  WATCH LIVE TUESDAYS AND THURSDAYS 1PM ET | | SPONSORED BY |  |  | | | | | 1 | Wall Street must take trade risks more seriously, Invesco says | | | 2 | Gold and bitcoin are breaking out, but only one will come out on top | | | | | | | | | WHAT ANTHONY IS WATCHING 6/25 | | Looking at gold, the trend is still higher. But the dollar is a bit stronger today, so I would not be surprised to see gold pull back a bit. However, with all the trade uncertainty and geopolitical tensions on the rise, dips should be bought. Open interest on the long side has increased by 31,000 contracts over the last 3 weeks. The area between $1,420 and $1,410 offers support and I would buy there the next time gold goes down. | | WHAT SCOTT IS WATCHING 6/25 | | Gold is on fire as you'd expect when rates are falling and the 10-year yield has dropped 70 basis points over the past 6 months. But the weak dollar is what is really driving gold now. The dollar index (DXY) was above 98 as recently as May 23. Its now at 96. That makes everything denominated in dollars including gold, crude oil, and domestic stocks cheaper and easier to buy. The only concern is that gold is now stunningly overbought with a Relative Strength Index of 86 (anything above 70 is overbought). The fundamentals say "higher" while RSI says it might consolidate here. | | THURSDAY, JUNE 27 | Ben Emons, Medley Global Advisors managing director of global strategy
| | | | TUESDAY, JULY 2 | Jeffrey Mills, PNC Financial co-chief investment strategist
Suki Cooper, Standard Chartered executive director, precious metals research
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