Although Not Technically Sensible, but? Do Not Resist!
Chicago Federal Reserve President Charles Evans on Tuesday implied in the a speech that the Fed could lift benchmark interest rates, which currently stand at a range between 0% and 0.25%, sooner than the market expects. Higher rates may boost the dollar and make gold less competitive against interest-bearing investments. The stronger dollar is pressuring gold, as is the lack of any stimulus package coming out of Washington, but we think the complex is oversold both fundamentally and technically and we would not go short here.
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