Gold Price Heads for 3rd Straight Gainer as USD Fades

Gold Price Heads for 3rd Straight Gainer as USD Fades

#gold #silver #USD #prices


If gold does not break out above 1935 real soon, then get ready for a move back to 1880“– Paul Ebeling

Gold prices edged higher for a 3rd day running early Wednesday, driring the precious Yellow metal above a 1-wk peak and toward a 5-wk high, as a rise in bond yields was overshadowed by weakness in the USD.

Gold is in a fragile market and vulnerable to sharp pullbacks, during a frame listless trade, leading into the Presidential elections on 3 November.

Rising yields can undercut appetite for gold, while a weakening USD can stoke demand in USD-pegged precious metals among buyers using alternative currencies.

Dec gold GCZ20, 0.68% GOLD, 0.85%  was up 12.10, or 0.6%, at 1,927.50oz following a gainer of 0.2% on Tuesday, bringing the precious Yellow metal to around its highest marks since 12 October.

Silver futures SI00, 1.18% for Dec delivery SIZ20, 1.18% picked up 27c, or 1.1%, adding to a similar gain from the prior session that was leading it to trade at around 25.33oz.

Have a healthy day, Keep the Faith!

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Paul Ebeling

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.