When we look at the Gold market, the positive process has been continuing since December 2016. Most recently, after the Brexit referendum, Gold and Dollar rose together. We see the possibility of recurrence of this condition, which is very rare. However, the increased uncertainty and reduced risk appetite may reduce the correlation in the coming period.
For 2017, Central Bankers continue to see that variables like demand and physical demand will not have much impact on gold. As a matter of fact, the Central Bank of China, one of the biggest buyers in the last three months, seems to have stepped on the train in gold purchases. If the gold prices cannot stay above 1241 USD, then 1237 USD level will appear as a 1230 USD short-term support on many charts.
Finally, if we look at the forecasts of the Gold market for March 2017, the positive atmosphere may continue for a while in the first days of March. The general outlook can continue until the end of March, but with the second half March, we can say different support or resistance levels on the Gold market.
- Date: 21 February 2017 Tue 16:49
- Last Added
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