Gold at 1-Month High on Weak USD
$GLD, $SLV, $MTAFF, $USD
Gold jumped to a 1-month high Friday as USD softened
Sentiment has turned sharply against USD, which may finally allow Gold to test Key medium-term resistance at 1,310 early this week.
On the week, the precious Yellow metal finish up 1.3%, its strongest weekly performance since mid-October.
US Gold futures for December delivery settled up 1.4% at 1,296.50.
There is concern that the equity market rally is possibly becoming a little exhausted for now, and that should be supportive of Gold in the short term.
USD weakened Vs a basket of 6 currencies and was set for its biggest weekly loss in more than a month.
Volatility in the Gold market is down towards record lows with most of the short-term swings caused by shifting expectations about the outlook for US monetary policy I said in a note.
While we still see Gold trading lower heading into Y 2018, short-term headwinds should fade as the year progresses.”=
Silver followed Gold higher and was up 1.4% at 17.31 oz.
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|HeffX-LTN Analysis for GLD, SLV & MTAFF:||Overall||Short||Intermediate||Long|
|Neutral (0.12)||Neutral (-0.03)||Neutral (-0.12)||Very Bullish (0.50)|
Have a terrific Thanksgiving Holiday Week