Gold comes back to life above $1700

Gold has stormed back to $1700.

Buyers ahead of yesterday’s low at $1685 jumped into the fray as the US dollar strength ebbs against the commodity currencies and the yen.

There isn’t much on the chart to suggest a reason for buying at these levels. The recent downtrend and 100-hour moving avg will resist further gains.

Author: Adam Button

Adam Button is the editor of ForexLive™. He was previously the chief currency strategist at XForex and has also worked with Intermarket Strategy. Adam believes deeply in the value of knowing every tidbit of news. He has a background in journalism and was formerly the head of the markets team at the Canadian Economic Press. He is a graduate of Ryerson University and completed Level 1 of the CFA program. Adam lives in Montreal, follow him on Twitter: @FX_Button.

5 Comments

  1. Adam, any reason do you see for crude oil sell off?

  2. Three days in a row from crude. Yesterday’s inventory numbers were bearish and then the dollar strength earlier today added to it… there is talk about an OPEC production cut next year so that will lend some support.

  3. is the opec talk new ?(or a few days old..i confuse myself what i heard a few days back about opec) and yes, dollar strength excerbated the fall, but then why gold rises at such moment still confuses me.thanks for the reasons.

  4. Adam… next resitence for gold?

  5. $1716 and then the 55-day

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