A-Mark-Precious-Metals-Inc1.24.2017 President Trump’s inauguration finally arrived (the most highly attended US presidential inauguration in history according to some sources) and the USD sold off as the markets digested the beginning of his term. In non-volatile and fairly orderly trading conditions, gold caught bids as the dollar trended lower on inauguration day. After USD gains following the presidential election results at the end of last year, January has so far seen a reversal of this trend with the USD index now hovering around two month lows just above the psychological barrier of 100. Gold has now tested, but failed to break, resistance at $1,220 in four of the last six trading days. With the Dow ripping higher today and approaching 20,000 yet again, gold bids evaporated and the $1,220 level now looks even more brooding. Support is coming in at $1,200. Considering that the USD index and the Dow are nearing such crucial levels, gold’s short term direction will likely be inversely correlated to how the USD and Dow perform.

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