Friday, February 3, 2017
The Federal Reserve made no changes yesterday with no indication for the future. Our focus though is no longer on the Fed now that the political landscape is changing. President Trump has intimated his concern of an overvalued dollar and is expected to take actions to address the situation. With the Fed out of the way and expectations of moves to make the US dollar weaker gold has gained old ground and appears that it will continue to try higher. A break above 1235 in the coming days could trigger a rally as high as 1275. In other news Iran test-fired a new ballistic missile which drew ire from the current US administration. This tension only adds support for safe-haven buying. The rest of the precious metals group are benefitting from the gold move.