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USAGOLD/Peter A. Grant/02-16-17
Gold pushed higher to approach resistance marked by the 1244.71 peak from last week. A short term breach of this level would put the yellow metal at new 14-week highs.
This morning’s data had little impact on the market. Initial jobless claims rose modestly last week. Housing starts declined by 2.6% in January, but still came in higher than expected thanks to a positive revision to December. The Philly Fed index beat expectations by a wide margin.
The dollar has come under renewed pressure, despite recent upbeat data and heightened rate hike expectations. Even so, gold has fared quite well in the face of the 2-week rebound in the dollar index. If the dollar gives it all back, gold should continue its trend higher.
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