Gold back in positive territory this morning as we witness a weaker U.S. dollar in overnight trading. Gold yesterday broke thru its first level of support at $1,048.50 in the February contract and then failed to test the next level of support at $1,045.00. Gold found a bid yesterday around the $1,046.00 area when the dollar index rally stalled.
Now that the Fed has made its move to raise rates, Yellen has indicated that future rate hikes will be gradual depending on key economic data. Gold price movement in the short term seems to be totally reliant on currency valuations.
Silver in no man’s land at these levels as she tries to figure out if she is a dress size 14 or dress size 13. There are folks out their hoping once and for all that she will go on a strict diet and shed some pounds.
Oil still the market of choice for Wall Street speculators as the V V T ( VOLUME, VOLITILITY AND TREND ) continue.
Many Wall street traders will be flattening out their speck positions today as we start holiday week on Monday.
Author Name: Walter Pehowich
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