Gold Tops 1,900, Marks Biggest Rise in 8 Weeks

Gold Tops 1,900, Marks Biggest Rise in 8 Weeks

#gold

#XAU #GLD $XAG $SLV $USD

Gold will remain range-bound in the short term. The market will wait through the weekend and look for news.” — Paul Ebeling

Gold held the 1,900 mark in trading Friday, with gains capped by a firm USD, but bullion remained headed for its biggest weekly rise in 8 wks as President Trump’s COVID-19 positive test tempered risk sentiment a bit.

Spot gold eased 0.2% to 1,900.40 oz by 1:42p EDT (1742 GMT). Prices were set to rise 2.2% on the wk for the biggest weekly percentage rise since early August.

US gold futures settled down 0.5% at 1,907.60.

Gold had risen to an over 1 wk high after President Trump said in a Tweet that he and his First Lady, Melania tested positive for the China virus

The White House assured Americans that the President was “not incapacitated.”

USD benefited from safe-haven inflows, capping gold’s upside.

Focus was also on the Congressional coronavirus relief aid deal. Gold can move back up if the Congress passes an aid/relief/stimulus bill, that seems to be what this market is hanging on to now.

Silver eased 0.6% to 23.73oz, platinum dropped 2% to 878.47 and palladium was down 0.1% to 2,313.68.

Have a healthy weekend, 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 it 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.