Monday, 11 December 2017 15:04

FOMC rate decision in focus, Gold at USD$1241 Bitcoin at $16855

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Gold ended the Monday session at $1241 per oz  after the explosion in New York earlier this morning. While the market is filled with Bitcoin News everywhere,  BTC is sitting at an astonishing $16,855 per unit. Before we would predict BTC’s price for tomorrow, we certainly will stay focus on FOMC’s rate decision on Wednesday and the effect of a most anticipated rate hike by the US Federal Reserve.

Gold and silver prices are both at pressure from the widely expected rate hike and tax reform in US. In addition, both metal seems to be on a pre-Christmas sale while investors snatch up the revolutionary crytocurrency Bitcoin at never-seen-before prices. We expect gold to stay at range $1231 - $1249 in the short term while MACD indicator suggests  a bottom for the bearish trend. 

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Bill H

Trader of Suncorp Gold Inc.

Tel: 604-273-9700

E-mail: bill@suncorpgold.com

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