JAN 25, 2018
ORIGINAL SOURCE: Investors dump US dollar & rush to gold at RT on 1/25/18
The tide is officially turning. As the US dollar falls to three-year lows, gold is hitting new yearly highs, and extending the pair’s chart out to five years shows gold’s serious near-term upside potential:
If the gold price can sustain its break through the $1,350 level, it will have done so for the first time since it essentially fell off a cliff from $1,650 five years ago.
“With traders' base case scenario to sell the dollar at all costs, gold prices should remain well supported on dips and could be poised to move even higher on the next US dollar wobble,” said Stephen Innes, APAC head of trading at OANDA.
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