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Gold market is known as the "safe harbor" of the global forex market, so if a person wants to stay the value of his capital, they would choose gold market to invest his money throughout the years. The beginning level of gold market was 1,097 on 1st January. As a general outlook, we could observe that we’ve experienced a positive trend on gold market. Especially, with starting second part of the year, the gold market showed a strong increase. After Donald. J. Trump’s surprising victory at US Elections, the gold market has started to lose its valuable specialty. The parity reached to the 1,178 level at the last days of the year.

We have seen that safe haven function of gold has been left behind after the market moved to risk free mode after presidential election. The upward price hike over the dollar caused gold to depreciate against the Dollar in excess of 8% in the past month. The volatile momentum in the last 1 month of the US supported the positive outlook in the dollar. The fact that the central banks in the global markets are in an abundance of money period causes the USD to remain unrivaled in the markets.

In the Dollar rally, which was followed by the November 8th elections in the US, the Dollar index has moved up to 102 levels. However, we see that the Dollar index can no longer move further. On the other hand, it is obvious that gold itself has a decrease due to the increase of interest rates on the US bond.

When we look at it technically, the descending canal movement continues. Yesterday, the precious metal that is encountering the reaction without reaching the channel sub-band meets intermittently with reaction purchases in the hope of being in the over-sold territory. At this stage, the intermediate resistance passes through the 1.178 level. If this is broken, the channel upper band may be aimed at the 1.185 level. We think that you need to break the channel top band in order to see the short term recovery. The first target on the channel may be 1,298.

Finally, we can say the first 2017 expectations will be a bit positive because of increasing risk factors on the global markets.

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