Gold at 1-Month High on Weak USD

Gold at 1-Month High on Weak USD

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

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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