Gold keeps rallying, new February high
- The base metal benefits from massive dollar’s sell-off.
- Spot Nearing 1,356.99, Jan 26th high and the immediate resistance.
Persistent dollar’s sell-off sent gold prices to their highest for this month, with spot reaching $1,355.42 a troy ounce, almost $40.00 above the low set post-US inflation data release at 1,317.37. The latest dollar’s decline came as US Treasury yields reached new multi-year highs, with the 10-year note benchmark at 2.91%, and as Wall Street extends its previous gains. The DJIA is up 160 points and the Nasdaq 105 points at the time of writing.
Gold holds above the 1,350.00 threshold with 1,356.99, the high posted on Jan 26th being the first resistance ahead of 1,366.00 the multi-month high set last January. Supports are at 1,345.20, followed by 1,335.35, the 23.6% retracement of the December/January rally.