Gold above $2,700
Gold was firmer in early trade this morning, following a late sell-off on Friday evening. Back then, it fell below $2,700, and the slide lower continued in the first few hours of the Asian Pacific session overnight. Since then, it has rallied back above $2,700 where it appears quite comfortable. Gold has looked extremely resilient of late, not just when measured in dollars, but against numerous other currencies as well. This all looks positive for the bulls, as it reinforces the belief that interest in gold is finally picking up some traction, outside of the financial world. The daily MACD is looking constructive. It is pointing higher from a relatively low base, suggesting that there’s still plenty of upside potential. Trade is expected to be quiet due to the US market holiday and President Trump’s inauguration. But volatility could certainly pick up later, once the new president sits down to sign a new batch of executive orders.
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