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Gold daily update for 11th October 2017

BY DEB SHAW | 

Gold has done well in the past few days, mirroring the fall in the US dollar. After hitting overbought conditions earlier this month, the dollar is selling off on concerns that Trump is struggling to get Republicans on board for his tax reforms. Recent moves by the People's Bank of China to weaken the dollar (in order to strengthen the Chinese yuan) has also led to broad dollar weakness.

Looking at geopolitical risks, Trump recently tweeted the fact that talking to North Korea "hasn't worked" in the past, suggesting that "only one thing will work". On Monday, Trump again tweeted that "Our country has been unsuccessfully dealing with North Korea for 25 years, giving billions of dollars & getting nothing. Policy didn't work!" While his intentions are unclear, rising political tensions can strengthen gold prices in the short-term.   

After almost breaching oversold conditions last week, gold is currently trading within normal conditions based on technical indicators on a daily chart. After its most recent bottom close to $1,270, gold is now above $1,289. 

Updated