FXstreet.com (Barcelona) - With the DXY tumbling, shouldn't gold and silver be blowing through one resistance level after another? The fact that they are not should concern those long of metals. It should be party time for the gold bugs but it just isn't Maybe there is a big commodities or global / macro fund winding down operations and liquidating gold holdings. Perhaps it is just a matter of traders not wanting to get long of a bearish chart. Or, with the increasing utilization of the forex markets globally, perhaps investors are simply moving into other currencies like the Pound, Yen and Franc without having to look at gold and silver as hard currency options. Whatever the reason, gold and silver are not trading as they theoretically should be given the recent weakness in the greenback. Technical outlook for gold Technicians say resistance for gold comes in at 1330, 1337 and 1342 all horizontal lines. Short-term support for gold comes in at Wednesday's low of 1276.90 and is followed by 1212 1214.
