Profile image
By ETF Daily News (Reporter)
Contributor profile | More stories
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

Renewed Rate Hike Fears Push Gold Prices Higher

Thursday, February 16, 2017 4:43
% of readers think this story is Fact. Add your two cents.

(Before It's News)

Gold prices endured weak early performance on Wednesday before popping to the upside later in the day, when solid retail sales and rising inflation numbers in the U.S. renewed investor worries that the Federal Reserve will raise interest rates sooner rather than later.

The U.S. dollar actually lost value on Wednesday, which also helped add to gold’s gains. April Comex gold is now approaching three month highs once again, trading around $1,237 per ounce early Thursday morning.

For the technical analysis on gold prices, we’ll defer to the experts over at Kitco:

Technically, April gold futures prices closed nearer the session high. The gold bulls have the overall near-term technical advantage. Prices are in a two-month-old uptrend on the daily bar chart. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,250.00. Bears’ next near-term downside price breakout objective is pushing prices below solid technical support at $1,200.00. First resistance is seen at this week’s high of $1,236.00 and then at last week’s high of $1,246.60. First support is seen at today’s low of $1,217.50 and then at $1,210.00. Wyckoff’s Market Rating: 6.0

On the ETF side of things, the SPDR Gold Trust ETF (NYSE:GLD) rose $0.28 (+0.24%) in premarket trading Thursday. Year-to-date, GLD has gained 7.15%, versus a 5.10% rise in the benchmark S&P 500 index during the same period.

GLD currently has an ETF Daily News SMART Grade of B (Buy), and is ranked #4 of 33 ETFs in the Precious Metals ETFs category.

You are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)



Source: http://etfdailynews.com/2017/02/16/renewed-rate-hike-fears-push-gold-prices-higher/

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories
 

Featured

 

Top Global

 

Top Alternative

 

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.