The US dollar is on a bit of a rip right now and usually that weighs on gold but it’s just the opposite at the moment. Gold is up $15 to $1277 — all of it since US traders arrived.
One of the reasons is speculation that the SNB will now diversify its FX reserves by putting some of it into gold. Another, probably larger, reasons is safe haven demand. In some ways the FX world has been turned upside down and gold is the ultimate safe haven.
Gold above the 200dma and trendline
