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Markets Edgy On Flynn Resignation And Yellen Testimony

(Kitco News) - Gold held the $1,220 level yesterday and some overnight flux, with the resignation of Trump’s national security advisor, Michael Flynn, caused some rotation out of the dollar. Janet Yellen testimony to Congress today is not expected to reveal any shift in Fed policy but until a clear fiscal program is laid out by the Trump administration, it is unlikely the Fed will move in March. With producer prices rising in the U.S, it appears the Fed is behind the curve. ETF inflows have accelerated. Traders are protecting their gains in the equity space, with some diversification into gold. Watch the $1,237 level for a break, which could push gold to the $1,245 area, with a possible test of the $1,252 level. Silver is attempting to gain a foothold over the $18 print, with the first target of $18.25 in play.

By Peter Hug, Kitco Metals Global Trading Director; phug@kitco.com

 

 

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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