Full Article: Gold Price Awaiting Fed Chair Nomination
By: Peter Hug
rally caught me by surprise. There was no real catalyst for the rally, but I suspect the softening in the equity market prompted traders to buy the dip. Overnight equity futures regained their momentum and the dollar received some strong bids, which neutralized yesterday’s pop in gold, and the market finds itself at levels similar to yesterday’s open. Traders are awaiting the President’s decision on the Fed chair nomination, which is expected this week, and the uncertainty is creating the whip-saw action in the metals. We find ourselves in the middle of the $1,272 -$1,282 range awaiting the news. On the PGM front, palladium is once again finding a bid after profit taking from the $1,000 figure and rhodium has quietly risen $400 in the past three weeks
Full Article: Gold Price Awaiting Fed Chair Nomination
By: Peter Hug
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