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Gold Stops Short Of Next Resistance Level

Gold Stops Short Of Next Resistance Level
Category: Market Reports
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Posted: 01-23-2017 12:36:00 PM

Some equity advisors I spoke with this morning indicate that their clients are getting a little nervous about their investments as they see the Democrats doing whatever they can to derail President Trump’s first one hundred day agenda.

At the time of this report, we see gold up ten dollars overnight stopping right at the next level of resistance at $1,219 in the February CME gold contract.

Physical gold demand at a steady pace in the Far East is helping the price build a base above the $1,200 dollar level.

Some equity advisors I spoke with this morning indicate that their clients are getting a little nervous about their investments as they see the Democrats doing whatever they can to derail President Trump’s first one hundred day agenda.

Senate Minority leader Chuck Schumer said over the weekend that Trump’s cabinet nominees have values that are inconsistent with those of the man who nominated them. Nonetheless the President plans to stay on track and ignore the rhetoric, signing an executive order removing the U.S. from the Trans-Pacific Partnership. He indicated he will start individual trade negotiations with countries in the Partnership on a one-on-one basis.

Some Wall Street gold traders I spoke with this morning have indicated that they are disappointed that gold has not broken thru the $1,220 level and that they will stop themselves out of their current long gold position at the first sign of any weakness in the price. If that’s the case, I guess we have seen the highs for the day already met. Silver demand in the Far East and in Europe is very quiet as investors ponder the future direction of the market.

Overall both Gold and Silver are range bound for the time being as expressed by my technical gurus this morning. Charts not revealing any patterns to talk about, so we wait to hear any news stories that can affect precious metal prices.

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About The Author

Walter Pehowich Author Name: Walter Pehowich
This editorial has been prepared by Dillon Gage Metals. This document is for information and thought-provoking purposes only and does not purport to predict or forecast actual results. It is not, and should not be regarded as investment advice or as a recommendation regarding any particular security, commodity or course of action. Opinions expressed herein are current opinions as of the date appearing in this editorial only and are subject to change without notice. Reasonable people may disagree about the opinions expressed herein. In the event any of the assumptions used herein do not prove to be true, results are likely to vary substantially. All investments entail risks. There is no guarantee that investment strategies will achieve the desired results under all market conditions and each investor should evaluate its ability to invest for a long term especially during periods of a market downturn. No part of this editorial may be reproduced in any manner, in whole or in part, without the prior written permission of Dillon Gage Metals. This information is provided with the understanding that with respect to the opinions provided herein, that you will make your own independent decision with respect to any course of action in connection herewith and as to whether such course of action is appropriate or proper based on your own judgment, and that you are capable of understanding and assessing the merits of a course of action. You may not rely on the statements contained herein. Dillon Gage Metals shall not have any liability for any damages of any kind whatsoever relating to this editorial. You should consult your advisors with respect to these areas. By posting this editorial, you acknowledge, understand and accept the foregoing.

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