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Gold prices have climbed to a three-week high today, with fear spreading through the markets that we could see the Trump-fuelled rally unwind as, in reality, we may not actually see his widely-heralded business-friendly plans. This serves to build on what was a particularly strong week. However, with the price pushing higher once more, we look at whether this rally has legs.
The weekly chart below highlights the bounce we are currently experiencing from the psychologically important $1200 level earlier this month. This perspective takes out some of the noisy data seen in the shorter-term charts, with the last major swing low of $1195 looking like the level that will underpin this resurgence.