Price action in gold and base metals? - ANZ

Analysts at  ANZ noted the price action in base metals and gold.

Key Quotes:

"Base metals were weaker across the board as investors sold on the back of the stronger USD. 

There were also signs of technical selling, with several metals bouncing of key resistance levels. This came after strong gains earlier in the week had been driven by positive economic data in China.

Gold was also weaker, as the stronger USD weighed on investor demand. The renewed momentum of President Trump’s tax plan was the main instigator of the selling, with signs that plan could make it through the Senate. The policy implications of a possible new chair of the Federal Reserve also put pressure on the precious metal. Reports suggest Trump is leaning towards John Taylor, which would likely lead to a stronger USD, thus weighing further on gold prices."