Originally published by Chamber of Merchants
Good morning.
Europe’s election worries have caused a resurgence in gold and safe haven buying.
While the dollar started out higher in the evening, gold took the stage, rocketing through to $1235+-
The Australian gold price is also near resistance as the exchange rate which has worsened, has not kept up with the pace of gold over night, hence a $1612 AUD +- price of gold is showing that the next leg up may very well be commencing.
I will be entering the gold miners again… A portion with a stop below support zones in case this is a last leg before rolling over. The open may present an inflated price, so allowing short term traders to take profit may be ideal. Therefore a parcel at the open and another parcel later in the day.
I anticipated a rally and bounce in the dollar, yet, if Europe is presenting another Brexit scenario then gold will be #1 in 2017…
I will post shortly again, once I’ve arranged my own portfolio.