Gold at 1-Month High on Weak USD

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Gold at 1-Month High on Weak USD

Gold at 1-Month High on Weak 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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