The U.S. dollar has been under siege. In this year alone, the U.S. dollar has lost approximately 9% since the highs reached at the end of 2016. Since then, the dollar index has lost a lot of ground, a little over 2% this month alone.

For the third day in a row, gold closed sharply higher. Gold prices have risen six out of the last seven trading days when considering the incremental upside gains seen early last week.

Last week both gold and silver experienced a key reversal in which the bearish market sentiment was slowly replaced with bullish sentiment.