11.29.2016 With US equities right around all-time highs and the USD challenging levels it hasn’t seen in nearly 15 years, gold remains… weak. The post-Trump victory euphoria that spurred a massive equity and commodity rally (in base and industrial metals, clearly not in gold) appears to finally be losing some steam though. Since election night in the US, gold has fallen from a high of $1,338 to its current level of $1,190, over a 10% drop. Physical coin and bar demand in North America has picked up as the market has trended south but the biggest gold ETF has shed over 2,000,000 ounces in that time period. After being battered lower in such a short period of time, I would expect for gold to move up from here. The market has already factored in a Fed rate hike in December so unless they keep the rate unchanged, it shouldn’t be a surprise that will rattle the precious metals. Near term resistance in gold is coming in at $1,200 while support is at the recent low of $1,170.
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