Opinion with Peter Hug
Gold Continues to See Selling Pressure
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
(Kitco News) - Gold continues to suffer from the Fed’s hawkish statement at least week’s FOMC meeting. The entry of Canada into the U.S.-Mexican trade deal announced overnight has spurred further investment demand into the equity sector and created a small bounce in the dollar. The fact that the Fed officials see continued robust growth to support their rate projections creates a negative fundamental aspect for gold, but does help the industrial metal complex. Silver remains well bid and strength remains evident in the platinum, palladium and rhodium complex. On a technical basis, gold finds support at the $1,182 level, with resistance initially at $1,192 and then again at $1,197.