After a dip to 1649.2, gold rebounded sharply and settled at 1700.1, up +2.17%. The consecutive weekly gains over the past week suggest that the correction from 1923.7 in early September has probably ended at 1523.9 in December. A deliberate break above 1750 would give more evidence on the resumption, and likely the last leg, of the long-term uptrend. Gold’s surge yesterday and the strength today have been driven by the dovish January FOMC statement.
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Gold Rallies as Fed and RBNZ Extend Pauses
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