Gold Rallies Overnight on Far East Buying

The Market Gage - Dillon Gage's Precious Metals Newsletter

Good Far East buying in Gold overnight as one trader put it, “as I expect the honeymoon to be over with Trump and the Republican Party.” One Wall Street gold trader I spoke with this morning said that he had to abandoned his short position in gold overnight after hearing good physical demand was surfacing yesterday and the dollar was weakening.

A strong rally in gold still hitting some pot holes as we still see the continued redemptions in the gold ETFs. Anyone want to bet a cup of coffee that the redemptions in the gold ETFs will stop today?

Technical analysis supports a rally at these levels as resistance is a bit away according to my technical charting friends who are back from an extended holiday.

Check out my predictions/thoughts on where we’re headed in 2017 here.
Have a wonderful Wednesday.

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