Gold Prices Finished Lower on Profit Taking

Gold Prices Finished Lower on Profit Taking

$XAU $GLD $USD

Gold prices settled lower Wednesday, giving up some of Tuesdays gains when it marked its largest percentage rise in more than 10 yrs..

Commodity analysts attributed the retrenchment to some exhaustion after 2 strong sessions of gains for the precious Yellow metal, as the USS Congress comes closer to passing a $2-T+ American aid package to help lessen the economic pain of the coronavirus pandemic.

Gold will ultimately benefit from the stimulus and a softer USD, but now it is all about stocks.

 The US major stock market indexes climbed Wednesday, with investors pinning optimism on expectations for the passage of the rescue package.

Gold for April delivery GCJ20, 0.312% on COMEX fell 27.40, or about 1.7%, to settle at 1,633.40 oz, after spiking 6% Tuesday.

The risk-on dynamic in the last 48 hrs dominated the markets did not supporting gold prices Wednesday, investors took profits and move into stocks.

Have a healthy day, stay at home!

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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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