We cannot ignore what is happening in the US Dollar Index when talking about gold. Gold is holding steady and continues to consolidate as the Dollar breaks out to highs not seen since mid-November. Even if we see gold prices drift a little closer to $1,700, I’m confident that gold has bottomed already. Let’s not forget that 10-year note yields are influencing all other markets also. Yields have backed off a few BPs and outside markets have embraced higher rates because thus far they are only back to pre-pandemic levels. Keep an eye on rates when trading gold. Gold bulls need to see a close above $1,750 in June gold.

Platinum is searching for a bottom over the past week and a half. Platinum also went thru a sharp downside correction as rates spiked higher. The subsequent bounce has since faded, and it looks like a retest of the early March swing low is in order. Look for some consolidation in the $1,140 range in July platinum.