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Gold daily update for 23rd January 2018

BY DEB SHAW | 

Gold is slightly higher today, despite strength in the US dollar. The dollar is rising after Democrats and Republicans reached a deal to fund the US government, and the Bank of Japan signaled that its monetary easing program is set to continue. Looking at US bond yields, 10-year government bond yields are currently falling. Lower nominal bond yields typically help gold prices (as the precious metal trades inversely to real interest rates). While gold is not yet overbought on a daily chart, it is fairly close to breaching overbought thresholds. Following last week's sell-off, the precious metal has been trading in a normal range. Gold may look overbought in the near future if the current rally continues. Our short-term and medium-term trending indicators suggest that gold remains in a bullish trend. 

After its most recent bottom around $1,240, gold is now above $1,337.   

Updated 
Outlook
Neutral

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