Gold Daily Updates

31 January 2018

As both the US dollar and interest rates fall, gold is marching higher today. After ending the day below $1,340 yesterday, the precious metal found support and is currently trading above $1,343. While the US dollar was supported by rising rates earlier in the week, this pattern ended today. 10-year US Treasury yields are currently trading just above 2.7% (below a recent high of 2.72%), while the US dollar index (a measure of the US dollar against six major currencies) is falling. Looking at technical conditions, gold is currently trading within a normal range and should be able to push higher over the coming days. Thanks to the ongoing US dollar bear market, gold is likely to resume strengthening. 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 $1,343.

Updated 
Short term outlook
Bullish

As gold prices gain, we are upgrading gold to bullish in the short-term. Note that gold is now trading within a normal range. This is based on various technical indicators on the daily chart. 

Medium term outlook
Bullish

Following recent strength in gold, we are upgrading the precious metal to bullish in the medium-term. The precious metal is trading within normal conditions. This is based on technical indicators on a weekly chart. 

Updated