‘If gold does not break out above 1935 real soon, then get ready for a move back to 1880“– Paul Ebeling
Gold prices edged higher for a 3rd day running early Wednesday, driring the precious Yellow metal above a 1-wk peak and toward a 5-wk high, as a rise in bond yields was overshadowed by weakness in the USD.
Gold is in a fragile market and vulnerable to sharp pullbacks, during a frame listless trade, leading into the Presidential elections on 3 November.
Rising yields can undercut appetite for gold, while a weakening USD can stoke demand in USD-pegged precious metals among buyers using alternative currencies.
Dec gold GCZ20, 0.68% GOLD, 0.85% was up 12.10, or 0.6%, at 1,927.50oz following a gainer of 0.2% on Tuesday, bringing the precious Yellow metal to around its highest marks since 12 October.
Silver futures SI00, 1.18% for Dec delivery SIZ20, 1.18% picked up 27c, or 1.1%, adding to a similar gain from the prior session that was leading it to trade at around 25.33oz.
Have a healthy day, Keep the Faith!