Gold Traders Fighting Equity Rally Euphoria - Peter Hug

Gold prices fell on Wednesday as the Dow hit 20,000, among hopes that newly-elected U.S. President Donald Trump will unleash growth-friendly spending policies. Gold prices were trading solidly lower and back below the key $1,200 level in late-morning action Wednesday. 'Gold managed to tick up to the $1,218 level yesterday before the rally in the equity market ended the momentum,' said Peter Hug, global trading director for Kitco Metals. 'Capital may chase the print in the Dow, at the expense of protection. Euphoria, even though possibly misplaced, or at a minimum premature, will continue to increase the risk appetite for capital and prove a negative for gold,' he explained. Hug added that options expiration tomorrow may keep gold trading around the $1,200 print, but the pressure remains to the downside. The $1,197 level now becomes the support line, with $1,208 overhead resistance, he said. (show less)

Gold prices fell on Wednesday as the Dow hit 20,000, among hopes that newly-elected U.S. President Donald Trump will unleash growth-friendly spending policies. Gold prices were trading solidly lower and back below the key $1,200 level in late-morning action Wednesday. 'Gold managed to tick up to the $1,218 level yesterday before the rally in the equity market ended the momentum,' said Peter Hug, global trading director for Kitco Metals. 'Capital may chase the print ... (read more)

For Pete's Sake!

For Pete's Sake!
From the latest market-making swings to the forward-looking important events that could impact the markets, For Pete's Sake with Peter Hug breaks down the news. He reviews the latest information coming out of North America, Europe and Asia to help you decide how to play the week. Tune in every week to get his key price ranges for gold and find out why he hates to talk about the Fed.

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