Gold Extend Gains As Dollar Tumbles – Rally Continue
Feb, 16th 11:01
Gold prices were hovering near three-week highs on Friday, as concerns over the U.S. deficit took over market sentiment and sent the greenback broadly lower.
Gold was up 0.62% at $1,363.7 a troy ounce by 09:16 GMT, the highest since January 25, 2018.
The dollar languished near a three-year low against a basket of currencies on Friday, heading for its biggest weekly loss in nine months, as a slew of bearish factors offset support for the US currency from rising Treasury yields amid firming inflation.
SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.29 percent to 821.30 tonnes on Thursday from 823.66 tonnes on Wednesday.
On the technical charts, gold has made higher highs and higher lows and is trading near the upper band of the Bollinger bands. The market is trading above all the moving averages (9 day, 20 day, 50 day, 100 day, and 200 day). The RSI is at 64.22 and the MACD has made a positive crossover above the signal line.
Buy digital Call options between 1360 and 1365, valid until 23:00 GMT February 16th 2018