Full Article: Gold Remains In Play
By: Peter Hug
(Kitco News) – Gold continues to attract buyers on the back of a weaker dollar and the increasing pessimism that the tax reform and infrastructure spending plans of the Trump administration are in doubt. Since the financial crisis, the U.S. has the led the world out of the abyss, with the Fed the first central bank to reverse a zero rate policy. This contributed to a surge in the dollar since 2011. The tide has begun to shift over the past few months, with European growth outlooks looking better than the U.S. Capital is now flowing across the pond to take advantage of better valuations in the equity space, which continues to exert pressure on the dollar. The Fed is likely to resist further tightening until a clear picture develops on fiscal initiatives. Metals are not likely to rampage higher, unless a catalyst such as an equity meltdown or political event, possibly a more serious fact surrounding the Russian collusion probe, develop. The trajectory should remain higher for gold, but likely a two steps up, one step back pattern. Gold’s next target is $1,268, with support at $1,250.
Full Article: Gold Remains In Play
By: Peter Hug
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