Following Fed rate, hike gold price keeps climbing higher, rose more than 4% (52$) as dollar grinds low settles below 100.
The world’s largest gold ETF – SPDR GOLD TRUST positions increased by 4.15 tons, the current positions for the 834.40 tons, after a three consecutive trading day was reduced.
The U.S. current-account deficit decreased to $112.4 billion (preliminary) in the Q4 2016 from $116.0 billion (revised) in the 3Q 2016.
Gold price trading at 2 ½ weeks high, facing resistance at 50% fib retracement seems at 1248(1375-1122 fall) above this, its 50Msma seems at 1253. The 20Dsma seems at 1260.70 and February high seems at 1263.65. The price has potential resistance seems between 1248 and 1263 above this 1280/1283 and 1300 exists.
On the downside 1235, 1224 and 1211 are the support levels in the near term.