The outlook for gold, the euro and the crown
Gold, Eurodollars and the exchange rate from the perspective of technical analysis.
It seems that there is room for further growth. The level of resistance of 1 743 USD could be a temporary obstacle.
Note commodity strategist Ole Hansen of Saxo Bank to the prices of gold:
After four weeks of declines, gold and silver soared after the U.S. elections up. Once the gold has reached an important support below 1 670 USD, but which has not penetrated, speculators began to reconsider their long positions, which led to their reduction by one-quarter over the previous four weeks. It is worth noting that during this period of liquidation of long positions has not increased the volume of short positions, which indicates a fundamental lack of speculation on the decline in the yellow metal.
The aforementioned liquidation silver and gold prepared to respond to a change in the technical and fundamental perspective, and we believe that the path of least resistance in the coming weeks facing up. Once the gold has found support above 1 700 USD, it should move above 1740 to open the way to an important resistance to 1 800 USD, which was three times over the past year to correct.
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