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Saturday, October 16, 2021

Gold Finishes a Strong Month


Gold traded lower Thursday en route to its best month since Y 2016 on the massive amounts of stimulus from governments worldwide intended to stem the economic damage caused by the COVID-19 coronavirus outbreak.

Bullion usually benefit from widespread stimulus measures as it is often seen as a hedge against inflation and currency debasement.

Gold has received lots of supportive news, so that might cause a light pull back, and some consolidation. The trend is up

Spot gold fell 0.5% to 1,703.49 oz at 11:30a EDT (1530 GMT).

US gold futures rose 0.2% at 1,717.20 oz.

Gold has risen more than 8% in April.

From a technical POV, a clear rise above the resistance at 1,730-35, which has been tested 2X earlier this month, will create space for further rallies in gold.

Palladium climbed 1.8% at 1,970.47 oz, and Platinum gained 0.7% at 780.35. Silver slipped 1.6% to 15.12 oz

Have a healthy day, Keep the Faith!

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