Ma Yellen’s testimony on Capitol Hill earlier this week and the prospect of higher U.S. interest rates only briefly held Gold back as the yellow metal is showing great resilience, aided by political uncertainties across the globe and increasing ETF inflows. Holdings of SPDR Gold, the world’s largest Gold-backed ETF, have risen 5.6% so far this month, the most since June 2016.
Bullion, on track for its 3rd straight weekly gain, will take the path of least resistance which clearly appears to be “up” based on John’s latest 9-month daily chart. The Venture’s behavior supports that analysis.
Since the beginning of February Gold has been maneuvering mostly within a Fib. band of resistance between $1,215 and $1,235. With steady buy pressure (CMF) and an entrenched bullish trend (ADX indicator), it’s really just a matter of time (perhaps imminent) before bullion confirms a breakout above $1,235 and mounts a challenge of its 200-day moving average, currently in the $1,260’s. Then things could really get interesting!
As of 7:45 am Eastern, Gold is up $3 an ounce at $1,242.
Hope we Will get Some news from GGI
Comment by Tran — February 17, 2017 @ 5:15 am
GGI – tues . Monday is the 20th and a holiday. just a guess
Comment by david — February 17, 2017 @ 9:41 am
Hello Jon,
If the gold is to push higher in a near future….what do you think about buying some HGU.T and/or NUGT (nyse). Have you already gave a call on that earlier that I didn’t see ?
Thank you very much,
I hope you enjoy the trip to Cobalt! Can’t wait to have more news on it ! 🙂
Comment by Sylvain — February 17, 2017 @ 1:18 pm
Tran – GGI is lined up for next week. Solid white candle, TA turning up, chart in very bullish position.
Comment by dave — February 17, 2017 @ 8:21 pm
Jon, will we finally get to hear the Goldie and Makela interview?
Comment by Dan1 — February 18, 2017 @ 4:06 pm
Yes, Dan, of course…the balance of that starts rolling out in the coming week.
Comment by Jon - BMR — February 18, 2017 @ 5:11 pm