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Gold Prices: Has the Rate-Hike Rally Run its Course?

Gold Prices: Has the Rate-Hike Rally Run its Course?

2017-03-29 15:30:00
James Stanley, Currency Strategist
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In our last article, we looked at Gold prices after an aggressively-bullish rally had driven price action up to a key resistance level around $1,250. And this came after a tumultuous three weeks in Gold prices: As we came-in to March, Gold prices drove-lower on the anticipation of a rate hike from the Federal Reserve, falling from a high of $1,263 all the way-below a key zone of support around the $1,200-level. But as the Fed hiked rates, they did so with an abundance of caution; electing not to upgrade rate forecasts going out to the end of 2016, and the apparent takeaway was one of disappointment as the U.S. Dollar put in a bearish reversal, and Gold prices shot higher. Just a week later and we were back at $1,250.

Gold Prices: Has the Rate-Hike Rally Run its Course?

Chart prepared by James Stanley

But in the week since, buyers have been able to stoke significant continuation in that bullish trend. For those with longer-term outlooks, bearish positions may be favored as near-term price action has been unable to take out that prior February-high, and the current stall at this ‘lower-high’ may be indicating a reversal around-the-corner:

Gold Prices: Has the Rate-Hike Rally Run its Course?

Chart prepared by James Stanley

The shorter-term setup, however, could be negotiated in a bullish manner; and for those looking to gain short-USD exposure or for Gold bulls, there’s a setup here that can be worked with on the hourly chart under the presumption that this $1,250 zone of resistance is taking some time to resolve before the bullish move may continue-higher.

Gold Prices: Has the Rate-Hike Rally Run its Course?

Chart prepared by James Stanley

--- Written by James Stanley, Strategist for DailyFX.com

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