Gold is Flying High! - Forex News by FX Leaders

Gold is Flying High!

Posted Thursday, February 2, 2017 by
Dave Green • 1 min read

Gold prices continued to gain over the last 48 hours and managed to give Wednesday a closing above $1213, facing the cruel market sentiments during the Fed market interest rates announcement.

The street smart boys, or gurus, of the trading market predicted that 2017 is a volatile year for trading; President Trump and his administration are willing to proof it within no time after taking oath.

As I asked in yesterdays article, is the dollar still a safe-haven currency vs gold? Finally, I started to believe that after taking into account the protest carried out against Trump’s administration. The “Tug of war” started between U.S and the worlds major countries. Nevertheless, Trump’s administration does not realize it can damage the dollar intensely in no time.

Is there a method behind this madness? Is it Trump’s administration wish to weaken the dollar against other currencies through jawboning? Let’s see!

Let’s have a look at the Gold daily chart given below:

This is the Gold daily chart.

I still stand with the gold levels to sell within $1210-$1219. It’s considered to be the weekly resistance area. While I’m writing, gold is enjoying this week highs at $1222. Better to wait and watch Thursday’s closing, if it drops below $1217, the downside will prevails till next week for sure.

Good luck!

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