Gold held onto 2017 gains following a bullish rally since January 1st while Dollar depreciated owing to significant deterioration in the political and economic situation in the US.

Gold appreciated nearly $85/oz in Q1 and a total of 10% until the end of Q2.

Expectations that Fed would hike rates gradually, not aggressively, along with heightened geopolitical risks in the Middle East and North Korea, and the uncertainty surrounding US fiscal policy tilted Gold even higher by end Q3.

Over the last quarter sentiment shifted as the Stock markets became very bullish.

According to Gold’s chart and given the recent hike and lower US long and short-term Bond Yields in Q4 2017, I expect Gold price to experience a moderate mid-year upside move towards $1400 – $1450 and a reversal towards the low of $1245/oz by end 2018.