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Dollar Hurting Gold, Low Inflation Looming On ECB: Wyckoff

from KitcoNews:

Kitco News gets Jim Wyckoff’s take on the gold and silver market as we start the new year. Wyckoff remains bearish on both metals and attributes low prices to a higher U.S. dollar index and slow U.S. economic recovery. “The trend recently in U.S. economic data has been to be upbeat,” Wyckoff says. “Until that trend changes, I continue to look for more upbeat economic data coming, including probably an upbeat jobs report on Friday.” Looking over at Europe, Wyckoff says that data this week shows low inflation in the eurozone which implies the ECB will continue with its easing monetary policy. “That should be an underlying positive factor for gold although the euro currency has been under some pressure this week, despite some better economic data coming out of the EU,” he adds. Watch now to hear Wyckoff’s key support & resistance levels for gold & silver on the first week of 2014.

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