Home 2020 I See No Technical Clues That Gold is Near a Top

I See No Technical Clues That Gold is Near a Top


#gold #silver #USD


Gold extended its strong Bull run Thursday, driven by expectations of more monetary response to the virus chaos.

Spot gold hit an all-time high of 2,069.21oz and was up 0.8% at 2,055.87 at 2:10p EDT (1810 GMT). US gold futures settled 1% higher at 2,069.40.

Data showed US jobless claims fell last week, but still 31.3-M people were receiving virus chaos-related unemployment checks in mid-July.

Gold has rallied more than 35% YTD because it is considered an asset that will hold its value while the medical emergency chaos and money printing by central banks erode the value of some others.

The markets further policy response as Dem lawmakers and White House officials continued their talks to try to work out a next round of aid/relief/stimulus to boost the economy. President Trump is standing by to act with executives orders on no progress this weekend.

Silver prices rose 4.6% to 28.26oz, having hit a more than 7-yr high at 28.42, helped by a combination of investment and industrial demand.

There are no early technical clues to suggest the gold and silver markets are close to major tops, both are short-term overbought, technically, and are due for a consolidation of the uptrends.

Platinum rose 1.5% to 981.53oz and palladium climbed 1.6% to 2,216.06.

Have a healthy weekend, 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.