Investors have shifted from equities into safe-havens such as the yen, New Zealand dollar and gold in recent days, with the latter rallying $30 an ounce from last week’s low point, the company said.
OANDA senior market analyst Jeffrey Halley said gold had also seen a “$10 spurt” on Tuesday, 31 January, “touching US$1,215 before Asia has quietly unwound most of it to trade at US$1,208.50”.
Mr Halley said gold had experienced a “very nice little uptrend” when examined on an hourly basis, “propelled by the White House-driven tailwind that started blowing over the weekend”, however when examined on a daily basis looks bearish despite the recent rally.
“The Trumper-tantrums of the last five days has seen gold make a storming comeback as the USD weakens and investors seek safe havens,” Mr Halley said.
“The short-term and longer-term charts post contrasting technical pictures. My best interpretation would be gold has the potential to break higher in the short-term but would almost immediately run into some serious longer-term resistance.”
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