Home Analyses Bulls Come Back to Gold! – February 23, 2017

Bulls Come Back to Gold! – February 23, 2017

Will Gold Continuie on Rising?

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Gold prices have turned upward with the decline in the dollar index and the decline in US bond rates after the FOMC minutes and have risen to the highest levels in the last three months, exceeding 1245 resistance. Today, we can say that US Treasury Secretary Mnuchin’s avoidance of giving clear information on tax reforms is putting pressure on the dollar.

Atlanta Fed President Lockhart also has important clarifications today. Lockhart, who said he expects to see two or three interest rate increases in 2017, expressed that the released data are extremely supportive of the Fed’s policy of raising interest rates. The weekly unemployment applications, which were reported to be on every Thursday from the US, were slightly above expectations with 244 thousand, but the impact on parities was limited.

If the rise in yellow metal continues, 1250 and the 1262 region where the 200-day moving average passes over here is a very important resistance. For withdrawals, we recommend taking into consideration 1235, 1230 and 1220 zone supports, respectively.

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