Gold has been glittering this year. It’s been an oasis in the volatility storm elsewhere and up 9.5% year-to-date.
Prices are up nearly $70 since the SNB decision, so that’s certainly a factor but you can argue the ECB getting set to print 500B euros was signaled by the SNB so it’s tough to separate the two. Another driver is buying ahead of the Lunar New Year, which is part of the seasonal story for gold.
Gold weekly
The $1300 level is a psychological barrier but there isn’t much there technically. A bigger level is the 100-week moving average at $1309. After that, there isn’t much resistance until $1350.
