- Dec 08, 2016 -
After the G8 Summit last week, the participating countries have endorsed the dollar's reserve-currency status, news came out, the dollar short-term rebound, while gold edges close to $900. However, starting from Tuesday, Wednesday, the dollar index has been hovering at around 80, the dollar index stabilised 80 mark, gold failed to break $900 $900 support of stabilisation and a two-day rally. Expected gold prices next pressure level for $940, from technical analysis, next to break $940, gold is likely to attack the $1000.
From the current market, the dollar index also sideways. If they have supported the dollar's position, rather than actual action, then from the present trend, the dollar may be difficult to have big, there could be a new round of fall. The dollar index has been weakening ever since March this year, most from 90 to 80 or so in the near future. If the dollar's decline, gold prices will continue to rose. While the dollar index turned up if they can break through the 80 mark, gold price decline is limited. Current global macroeconomic substantive change is small, investors are still safe-haven demand.