Gold to Re-target 1220-30 During the Transition of Power
My initial target on this pullback was 1190, however gold has managed to regain 1200 as the
DXY
has rolled over giving up today's gains. Longing from these levels may be risky, but the reward may turn out to be lucrative depending on the volatility and uncertainty during the transition of power in the U.S. government through Monday. President Trump's speech will be interesting tomorrow @ 12:00 EST. Keep in mind that a number of executive orders may be repealed on Monday.
DXY
has rolled over giving up today's gains. Longing from these levels may be risky, but the reward may turn out to be lucrative depending on the volatility and uncertainty during the transition of power in the U.S. government through Monday. President Trump's speech will be interesting tomorrow @ 12:00 EST. Keep in mind that a number of executive orders may be repealed on Monday.
Comment:
Gold needs to move above 1208 to spark a significant rally.