Markets Edgy On Flynn Resignation And Yellen TestimonyWednesday February 15, 2017 08:04
(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.