FXTM: Gold Has Bullish Bias On Daily Charts
Gold looks constructive on the technical charts as the metalcontinues to get a “slight sparkle” with the U.S. dollar remaining nearthree-year lows, says LukmanOtunuga, research analyst at FXTM. “The yellow metal remains bullish onthe daily charts and has the potential to venture higher amid the weakeningU.S. dollar,” the analyst says. “From a technical standpoint, the fact thatthere have been consistently higher highs and higher lows verifies the bullishbias on the daily charts. A technical breakout and solid weekly close above the$1,340 level could encourage a further incline higher towards $1,360. Bullsremain in firm control above the new $1,324.15 higher low.”
By Allen Sykoraof Kitco News; asykora@kitco.com
Commerzbank: Turkey Imports Most Gold EverIn 2017
Tuesday January 23, 2018 09:05
Turkey’s gold imports hit a record high in2017, reports Commerzbank. Analysts cite data from Borsa Istanbul showing Turkeyimported 370 tonnes of gold last year, which the bank says was the highestyearly figure ever. This was well up from 2016 imports of 100 tonnes. Nearly 50tonnes were imported in December alone. Commerzbank quotes the consultancyMetals Focus as saying the government provided small enterprises with cheapcredit to boost their business. “However, the money also appears to have beenused to buy gold,” Commerzbank says. “Furthermore, the improved economicsituation in Turkey has increased demand for gold. The Turkish central bankapparently also bought gold.”
By Allen SykoraFor Kitco News
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asykora@kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.