Gold Prices Resume Bull Trend After Halting a 4 Week SlideGold Prices Surge Our Stock Picks Below
Fundamental Forecast for Gold: Bullish North Korea may surface again at any moment . Trump may take the heat off of himself and create a diversion setting up the " Hero " senario whereby he saves the world . Gold will soar .
Mining Stocks Surge On North Korea Threats For the first time in five weeks, gold prices finished the week higher. One development from this past week that pulled the yellow metal higher was the Fed interest rate expectations slowing down into the remainder of 2017. Two weeks ago, Fed Fund futures were predicting a 57% chance of two rates hikes prior to the end of 2017. Last week, that prediction fell to 51% and this week it fell further to 45%. This less aggressive rate hike path is causing the US Dollar to weaken and for gold prices to strengthen. This week, we get some further insight from the Fed as their May 3 meeting minutes are released. Any surprises in the minutes may cause a reaction for gold if it alters the rate hike path. Later in the week on Friday, we have US GDP and US Durable Goods releases, which could create some short term volatility as well. From a technical perspective, gold prices continue to be stuck in a consolidation period. We anticipate gold prices will likely hold above $1214 for an eventual retest of $1300. One pattern we are following implies continued sideways action between $1214 and $1280 for the next couple of weeks before prices break higher.
LIVE PRICES
.
. |
