Strong dollar, higher yields, and strong gold

rise along with the dollar and higher Treasury yields. But the transition to this way of thinking brings some short-term uncertainty with it

Gold and silver ended 2024 consolidating earlier gains. But the first few days of trading in 2025 were positive. In European trading today, gold was $2658, up $37 from last Friday’s close after testing $2600. Silver was $29.75, up 40 cents on balance. Trading has been seasonally light as shown by Comex volumes.

While Comex Open Interest in silver has held steady, in gold it has sold off to oversold levels. This is next.

Now let’s look at gold’s technical chart for clues for price development over the coming months.