Direction for Gold Remains Uncertain but Continues to Lean Softer
By Peter Hug
www.kitco.com
With the Fed interest rate hike likely pushed to early fall, the metals continue to receive marginal support. Gold needs to break out of the $1,198 -$1,222 range to regenerate momentum. This morning’s revision of the fourth quarter U.S. GDP numbers may create some flurry, but the current range is unlikely to be broken ahead of the weekend. The dollar is slightly lower again this morning after having broken the 1.12 level to the euro yesterday. The dollar trend remains up, which will continue to provide serious headwinds for the commodity complex. EU QE begins in March which may further depress the euro and create a more positive mindset, at least for European shares. May create some shift of capital from the Europeans from safe-haven gold to risk equities.
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