Home 2020 Gold Bulls are Running North on Sinking US Dollar

Gold Bulls are Running North on Sinking US Dollar


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“Plus, the S&P 500, DJIA, NAS Comp and Russell 2000 index all closed at their highest marks ever as The Trump Rally extended. “— Paul Ebeling

Gold rose to a 1-month high after the Fed’s reiterated its commitment to supporting the economy and optimism grew that a virus aid/relief/stimulus package will be delivered by lawmakers very soon.

The FOMC voweed at its last policy meeting of Y 2020 to maintain its asset-purchase program until it sees “substantial further progress” in employment and inflation.

Chairman Powell said that the case for fiscal stimulus is “very, very strong.” Congressional leaders are working through the final points of a coronavirus relief bill that could come together in time for both Chambers to vote Friday.

Gold’s is in favor, and timely as this is the time of yr, gold usually starts to move North into February and it is likely to enter the New Year at 2000oz, just as I predicted it would last December about this time.

This seasonal acton coupled with the aid/relief/stimulus that is coming and the Fed support sets up a perfect storm for gold Bulls.

Bullion is set to finish Y 2020 with the biggest annual gainer in 10 yrs as concern over the economic impact of the virus chaos bolsters demand for the precious Yellow metal as a safe-haven.

After listening to Chairman Powell’s PC, it is clear now that gold prices will to continue to move higher as the Fed will stay the course for a longtime to come.

The path of the least resistance in terms of gold’s price is skewed to the Northside.

Spot gold rose 1.1% at 1,885.90oz at 2:20 p in New York after touching 1,896.26. Gold climbed 24% this yr and posted a record 2,075 in August.

Bruce WD Barren, an Heffx-LTN colleague and a strong investor in gold believes in a strong potential upside movement in Y 2021 notes that Gold prices per kilo is a free service offered by Goldpriceoz.com, that shows Current Gold Price including: Bid price, Ask price and Day’s fluctuation range and Gold Price History Charts London gold fixing price.

Gold price per Kilo today is updated once every 1 min. Gold Price Per Kilo=60488.41 US Dollar Bid Price: $60488.41 Ask Price: $60520.57 Day’s Range: $60346.95 – $60671.67 Prices Updated: Dec 18, 2020 at 04:16 NY Time

Gold Price Per Ounce Charts up to the minute please click here.

Gold futures for February delivery rose 1.7% to settle at 1,890.40oz. Silver, platinum and palladium also advanced.

The US Dollar Index (,DXY) finished -0.8% to 89.76, at 2 yr low.

Now for the stock market

Each major index posted a record close: DJIA +148.83 at 30303.31, NAS Comp +106.56 at 12764.66, S&P 500 +21.31 at 3722.49

The market continued to its positive trend. The Russell 2000 rose 1.3%, the S&P 500 (+0.6%), NAS Comp (+0.8%), and DJIA (+0.5%).  As 9 of the 11 S&P 500 sectors finished in the Green with real estate (+1.2%), materials (+1.2%), and healthcare (+1.1%). The energy (-0.6%) and comm services (-0.3%) sectors were the laggards.

Volume: Trade on the NYSE came in at 959-M/shares exchanged.

HeffX-LTN’s overall technical outlook for the major stock market indexes is Very Bullish as the overhead resistance is NIL and the Key support it tight.

  • NAS Comp +42.3% YTD
  • Russell 2000 +18.6% YTD
  • S&P 500 +15.2% YTD
  • DJIA +6.2% YTD

Looking Ahead: Investors will receive the Conference Board’s Leading Economic Index for November and the Q-3 Current Account Balance Friday. 

Have a healthy day, Keep the Faith!

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Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.