Crude Oil Up, Dollar Down: Which One Will Gold Follow? – Jim Wyckoff | Kitco News

Gold prices started off on a higher note Thursday, then retreated back down below $1,200/oz, as Kitco News speaks with Jim Wyckoff to see how he sees the market set up this week. “I hate to sound like a broken record but the gold market is being held hostage by the U.S. dollar index,” he says. “The important thing that I want to point out today is that crude oil prices have rebounded. We hit a 4-month high on Wednesday and we have a 4-week old uptrend line in place on the daily bar chart for May NYMEX crude oil futures.” he adds. Wyckoff notes that there are early technical clues that oil prices may have found a bottom, which would mean the U.S. dollar index may have topped out. “If crude oil prices continue to trend higher…that’s going to be a bearish indicator for the U.S. dollar index and be an early clue that the dollar index has put in a market top,” he says. Tune in now to find out what market ratings Jim is giving gold and silver this week! Kitco News, April 16, 2015.