Opinion with Peter Hug
Gold Higher On Asian Buying
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(Kitco News) - Gold continues to recover, benefiting from the weaker dollar and renewed demand from China, after the New Year’s holiday. Gold maintained the $1,322 support level, where we suggested an entry trade and the technical picture remains constructive. Gold will need to clear the $1,342 level on a close basis to set up a retest of the $1,357 resistance line. All ears will be focused towards Fed Chair Powell’s testimony to Congress this week for clues on monetary policy. For traders that see this move as a bounce on the back of Chinese bargain hunting after their week-long holiday, selling 50% of the long initiated at $1,322 should be considered.