Gold Defies Predictions of Swoon

We just finished President Trump's best week in the White House with a win for the legislative branch (Supreme Court) and a win internationally (Syria airstrikes). Gold did trade through the $1,260-$1,262 resistance on the back of the Syrian response and the weak payroll numbers, but has drifted back down below the 100-day moving average as equities continue to be resilient to any negative news. It almost feels as if Trump has Jared Kushner and Gary Cohn in the control room buying S&P futures any time they wobble just so he can claim how good a job he is doing for the economy. 

Most market pundits are still looking for a retreat in gold but it remains at $1,250, which is $100 higher than after the election with a relatively unchanged dollar and substantially higher equity market. The Commitment of Traders report showed an increase in net length in both gold and silver but is far from being overbought. ...457 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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