Precious metals are down for a second day as investors appear to be buying equities and possibly the dollar in favour of perceived safe-haven assets.

Index futures suggest the Dow will open above 20,000 for the first time while the S&P 500 is set to climb to a new record high. In one way or another everything also hinges on the direction of the dollar.

As reported yesterday, the Dollar Index is currently testing a critical technical level at 100. A decisive break below this level could send almost everything priced in the dollar higher, including gold and silver. But it appears as though the dollar is making a comeback, and if it bounces back sharply then buck-denominated precious metals will likely come under further pressure.


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