Gold Daily Video, 02 March, 2017

[Sive Morten]

Good morning,

Gold has completed our intraday target and today we expect tactical recovery to 1255 area:





The technical portion of Sive's analysis owes a great deal to Joe DiNapoli's methods, and uses a number of Joe's proprietary indicators. Please note that Sive's analysis is his own view of the market and is not endorsed by Joe DiNapoli or any related companies.

 

[dapperx3]

Morning Sive! Video is unavailable

 

[Rabul]

Sive, how do you think rate hiking as early as March can influence gold price? Would it give enough pressure to reverse current bullish trend? Should we be afraid of a new lower low? Thx.

 

[Sive Morten]

Hi, Rabul,
well, actually I'm not sure. My thoughts are - right now it is a fact that market expects 66% prob. of rate hike in March, so this is not a surprise already. We do not see any strong outflow from SPDR fund, so it means that investors hold longs.
Second - what will happen with June rate hike anticipation? Will it hold or will it be postponed? It seems that right now it is not as important when first 2017 rate hike will happen March or June, but most important - how many rate hikes will be at all. As usual, major intrigue will be in winter probably, around Dec Fed meeting.
Finally, my personal opinion is election turmoil in EU, and uncertainty around Trump's fiscal plans will overcome Fed tightening. Thus, gold could turn to defence and meet strong headwind, turn to some deep retracement, but it should not renew the lows of 2015...

But, this is just my personal view on current background that we have. Let's see...