Wednesday, January 10, 2018

Overnight trading in Asia saw gold price reach a four month high as dollar lost all its gains from yesterday

The price of gold had seen a minimal decline over the past three trading days, primarily due to the dollar recovering from its falling below 92 on the dollar index.  But last night in early trading over in Asia, gold broke through its $1320 resistance level and at one point touched upon its highest price in the past four months.


However the price has since fallen back to the $1317 range as the dollar recovered about 40% of its losses from overnight trading, and is solidly back to a handle of 92 on the index.


Despite the price movements for both the dollar and for gold, it appears that the expected pullback in the precious metal this week is losing steam, and ready to once again break through the $1320's on the way to $1400 as forecast by several analysts in their 2018 analysis.

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