A-Mark Bullion Update
1.27.2017 After failing at $1,220 on four separate days in the last week and a half, gold gave up on pushing higher and has now traded lower for three consecutive days. Unsurprisingly, gold’s move south coincided with the USD gaining ground and with the Dow pressing above 20,000 for the first time ever. The bevy of contentious headlines being made at the start of Trump’s presidency are offering little in the way of safe haven bids for gold thus far. The short term driver of the yellow metal is clearly the USD and US equities. With the Chinese off for a week starting this Saturday in celebration of the Chinese New Year, physical demand out of Asia should drop significantly and gold may succumb to further losses. The next support area to watch for in gold is the 50 day moving average at $1,176 while rallies will be sold into ahead of $1,200.
