Call this if you want the new gold rush, but one fact is SPDR Gold Shares ETF started the year with a 1.2% increase on the second of January and increased the annual profit to 11%. This is due to two factors, the declining dollar and the willingness of investors to hedge some of the new long positions of the indices, accumulated during the seemingly tireless ascending trend. As gold enters the over-purchase area and the Dollar Index is close to a key level, we expect the gold rally to slow down and the rebound of the dollar at the key levels, expect a short-term retracement of the precious metal.
Source: Bloomberg Pro Terminal
Jr Trader Petar Milanov
Bloomberg: Gold ETF Starts 2018 with Record Winning Streak as Dollar Falls
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