USAGOLD/Peter A. Grant/01-18-17
Gold is trading modestly lower on the day, but remains generally well bid within the uptrend that has emerged since gold bottomed late last year. The yellow metal is being weighed by a firmer dollar, but haven interest is limiting the downside.
Gold has risen for seven consecutive sessions. There’s still a lot of trading day left, so we could still see and eighth today.
CNBC reports that GLD has risen 13 out of the last 15 sessions through yesterday. That’s something that hasn’t happened since the summer of 2011.
After holding steady on policy today, Bank of Canada Governor Stephen Poloz warned that rate cuts were still on the table, citing “significant uncertainties.” Poloz specifically mentioned “material” risks to the Canadian economy if U.S. trade policies become more protectionist under President Trump.
Silver has gotten a lift this week as well, regaining the $17 level for the first time since mid-December and setting a 9-week high yesterday at 17.32. The technical picture for silver has improved markedly this week, with the 100-day moving average now within striking distance at 17.53.