Gold To Benefit From Weaker U.S Dollar And EquitiesTuesday February 07, 2017 10:08
Gold is higher this morning reaching 1208.7 as the Dollar Index has dipped below the psychological 100 level. Equity markets kicked off the week much lower and encouraged safe haven bidding into Gold. The Fed begins their two day meeting today that concludes with an interest rate decision tomorrow at 1:00 pm CT. We have Case Schiller due at 8:00 am today and Consumer Confidence at 9:00. Gold will continue to benefit from both a weaker Dollar and weaker equity market. The bulls look to achieve a close above first resistance at 1207.2-1207.6 while the bears look to reverse price action below 1202.8 and 1198.
Resistance – 1207.2-1207.6**, 1213.5**, 1220.1-1223***, 1238.8**
Pivot - 1202.8
Support – 1198**, 1182.6-1186.4***, 1179.7**, 1172.2**, 1160.9-1164.3***, 1146.5-1146.9***
By Bill Baruch