Gold: ABN-AMRO believes that the gold rally is done

ABN-AMRO believes that US interest rates and the dollar will push the price of gold down in the stock market.

"Gold prices have posted a rally since mid-December. The downturn in prices coincided with the peak in US interest rates and the dollar index. Recently, the gold rally ran out of breath. It was unable to break the 200-day moving average at around $1262 USD.

This failure indicates that the overall long-term technical picture remains bearish. The dollar and US rates also rose and the general sentiment of investors improved. These dynamics are negative for gold and are likely to drive down prices in the 1st semester."